Skip to main content

Posts

Showing posts with the label trend

Heiken Ashi

This Heiken Ashi indicator for MetaTrader has been improved with a moving average band, very useful to determine the levels where the price might reverse or breakthrough and change the trend. When trading with the trend, you probably want to buy above or when the price leaves the EMA band rising up, or sell when the price is below the EMA band or drops below it, and proceed with caution when the price stalls within the bands.
It is worth to mention that the Heiken Ashi candles are mainly used to remove the normal candles' distractions, especially when the price forms small consolidation zones and the trader is tempted to enter a trade based on the candlestick color.
You can download this Metatrader indicator free from here.

Background Candles (multi time frames)

The RobotFX Background Candles MT4 indicator can draw (in the background) the candles formed on any higher time frame, right behind the actual frame candles on the current timeframe. In the chart below one could trade on D1 (the background candles drawn by the indicator) and spot the right entry on the actual frame candles, H1.
This MetaTrader indicator eliminates the need for many other indicators (daily open, daily high/low etc) and it is useful because it allows the forex trader to spot the price action and the trend formed on the higher time frames. It is especially useful for those trading with the trend and/or traders trading daily open (etc).
Sometimes it is necessary to check the higher time frames in order to establish the trend direction, or to switch to the lower time frames to enter a trade on the right moment. You can download this RobotFX MT4 indicator for free from here.