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Heikin Ashi Volume Weighted for MT5

5

Most traders are aware of the famous Japanese Heikin-Ashi indicator, created in 1700s by Munehisa Homma. It is sometimes spelled Heiken-Ashi, but its meaning remains the same, namely “average bar” in Japanese.

This is an implementation of that very well known Heikin Ashi indicator, but with a few added features.

For one, it allows for its values to be weighted by the volume, be it the tick-count volume, real volume, or pseudo-volume based on the true range. The major benefit is to reduce the number of false reversals, especially during low-volume periods. It also helps to slow down the trailing of the highs and lows.

As an option, it allows the use of pseudo-volume based on the true range of the bar. This is useful for symbols that have neither real volume nor tick-count volume data available.

As an extra feature, this indicator also shows levels of maximum excursion, which can be used for stops.

Few traders understand the basis of its calculation, but the Heikin Ashi is in fact based on an exponential moving average. This implementation also allows the period to be adjusted, instead of having at a fixed pre-defined period as in the original.

It will, by default, set the underlying chart to Line-Graph. This helps reduce the display clutter, while still showing the original closing prices. You can, however, change the behaviour in its parameters.

Please note, that this indicator is available for both the MetaTrader 5 and MetaTrader 4 platforms.

Reviews 2
Enrique Enguix
64642
Enrique Enguix 2023.01.04 14:32 
 

I see great potential in this indicator. Fernando's experience supports it, he has gathered in a visually simple indicator, a perfect way to create a solid strategy. Thank you

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This indicator is based on the original “ Time Segmented Volume (TSV) ” developed by Worden Brothers, Inc . However, I added an extra few features to this one. One can choose the price to be applied, instead of only having the default close price used by the original. One can also choose which volume weighting to use, including a pseudo-volume based on true range, or no volume weighting at all.
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This indicator implements the original “ Average True Range (ATR) ” developed by John Welles Wilder Jr. , as described in his book— New Concepts in Technical Trading Systems [1978] . It uses Wilder’s moving average , also known as the smoothed moving average (SMMA) , instead of a simple moving average (SMA) as used on MetaTrader’s built-in ATR indicator. The default period applied is 7, instead of 14, as per the description in his book.
FREE
This indicator was inspired by John Welles Wilder's average true range (ATR) , but with some extra information. Similarly, it calculates the exponential moving average of the true range, but using the standard alpha weight instead of Wilder's . It also calculates the average deviation of the range average, and displays it as an offset. This helps not only identify a change more quickly, but also its impact.
FREE
This indicator was inspired by John Welles Wilder's average true range (ATR) , but with some extra information. Similarly, it calculates the exponential moving average of the true range, but using the standard alpha weight instead of Wilder's . It also calculates the average deviation of the range average, and displays it as an offset. This helps not only identify a change more quickly, but also its impact.
FREE
This indicator implements the original “ Average True Range (ATR) ” developed by John Welles Wilder Jr. , as described in his book— New Concepts in Technical Trading Systems [1978] . It uses Wilder’s moving average , also known as the smoothed moving average (SMMA) , instead of a simple moving average (SMA) as used on MetaTrader’s built-in ATR indicator. The default period applied is 7, instead of 14, as per the description in his book.
FREE
Most traders are aware of the famous Japanese Heikin-Ashi indicator, created in 1700s by Munehisa Homma . It is sometimes spelled Heiken-Ashi , but its meaning remains the same, namely “average bar” in Japanese. This is an implementation of that very well known Heikin Ashi indicator, but with a few added features. For one, it allows for its values to be weighted by the volume , be it the tick-count volume , real volume , or pseudo-volume based on the true range. The major benefit is to reduce th
This indicator is based on the original ZigZag provided as a source code example with MetaTrader installations. I rewrote it with some extra features for displaying the “depth” channel and the respective break-outs. It also allows one to observe prior zig-zag points. Optionally, it can alert the user when break-outs occur. The alerts can be simply on the terminal or also via push notifications on a mobile device, with your own custom text.
This indicator is based on the original ZigZag provided as a source code example with MetaTrader installations. I rewrote it with some extra features for displaying the “depth” channel and the respective break-outs. It also allows one to observe prior zig-zag points. Optionally, it can alert the user when break-outs occur. The alerts can be simply on the terminal or also via push notifications on a mobile device, with your own custom text.
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Enrique Enguix
64642
Enrique Enguix 2023.01.04 14:32 
 

I see great potential in this indicator. Fernando's experience supports it, he has gathered in a visually simple indicator, a perfect way to create a solid strategy. Thank you

Fernando Carreiro
31755
Reply from developer Fernando Carreiro 2023.01.04 14:46
Thank you 🙏
Makarios  Yacoubian
2911
Makarios Yacoubian 2022.02.10 08:04 
 

User didn't leave any comment to the rating

Fernando Carreiro
31755
Reply from developer Fernando Carreiro 2022.02.10 11:06
Thank you!
Reply to review
Version 1.3 2023.10.01
Added parameter with option to not show excursion levels.
Version 1.2 2022.06.01
Minor cosmetic change of default character code for excursion levels.
Version 1.1 2022.05.02
Added maximum excursion levels