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The indicator shows the bars of trading session. In contrast with conventional Japanese candles, it shows the averaged (smoothed) candles, it's very important, because of the high volatility of currency markets.
VIP_HeikenAshi works slower than Japanese candlesticks (because of the lag) and protect us from false entry signals.
- Red candles with shadows. The downward trend is starting to wane. It's better to close short positions.
- Red candles without shadows. Strong downward trend, it's better to add to existing position.
- Blue candles without shadows. Strong upward trend.
- Candles with large shadows and small body. It resembles the Doji pattern, indicating the end of the trend and further trend reversal. But you need confirmation of other indicators.
- Blue candles with small shadows. Continue of the bullish upward trend, it has potential for upper price movement.
Due to lag, the VIP_HeikenAshi indicator shows less false signals. From the other hand, its interpretation is more simple than japanese candlestick patterns.