The Heiken Ashi Smoothed indicator for MetaTrader 4 (MT4) is a variation of the standard Heiken Ashi indicator with its candles.
Its task is to detect and define the current and past market trends. It’s worth to notice that it doesn’t transform standard candlesticks, but it overlays HAS candles on them instead.
Trading signals given by this tool are simple to easy to follow. Look for buying opportunities when HAS candles are green and look for selling opportunities when HAS candles are red.
It does a really great job filtering market noise and fakeouts.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
In the settings tab, you can customize the following inputs:
- Moving Average Method 1 (default value: 2)
- Moving Average Period 1 (default value: 6)
- Moving Average Method 2 (default value: 3)
- Moving Average Period 2 (default value: 2)
Example of EUR/USD 1 Hour Chart
This screenshot below shows an example of Heiken Ashi Smoothed in action. In this particular case, for greater smoothing, we have changed MaPeriod 1 and MaPeriod 2 to 50 and 40 respectively.
Copy and paste the Heiken_Ashi_Smoothed.mq4 or Heiken_Ashi_Smoothed.ex4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, that goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Click the link below:
Is this the best metatrader indicator?
The Heiken Ashi Smoothed indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.