Heikin Ashi Lines Indicator suitable for MT4 use. [tags:title] helps to identify potential trading opportunities in different time frames. In addition Heikin Ashi Lines has been designed with ease of use in mind, providing a simple and intuitive interface suitable for both novice and experienced Forex traders.
Probably everyone has put up a Heikin Ashi chart one time or another. It makes it look so much cleaner with less noise and clearer trends.
But there is one major flaw — it hides the true bar/candle values, especially the true closing prices.
The Heikin Ashi close price is simply an applied price called the “total price”, and the Heikin Ashi open is simply a moving average of its close prices.
So, why not just display it as two lines instead?
This is what this indicator does. That way, you can still see the true bar/candle values. The dotted line is the open and the solid is the close.
Please note that by default it will use Gray/Gey as the line colour, which is dull. So use the colour that best suits you, for example Yellow on a black background or Blue on a white background.
The code uses conditional compilation and will compile on both MQL4 and MQL5. Please note that all my CodeBase publications’ source code are now also available in “Public Projects” tab of MetaEditor under the name “FMIC”.
How to Install the Heikin Ashi Lines Indicator in MetaTrader 4
- Unzip the downloaded Heikin Ashi Lines Indicator file.
- Open MetaTrader 4, go to the “File” menu, and select “Open Data Folder”.
- Navigate to the MQL4 folder, then open the Indicators folder.
- Paste the unzipped Heikin Ashi Lines Indicator files into the Indicators folder.
- Restart MetaTrader 4 or refresh the indicators list by right-clicking in the “Navigator” window and selecting “Refresh”.
- In MetaTrader 4, open the “Navigator” window (Ctrl+N) and find the Heikin Ashi Lines Indicator under the “Indicators” section.
- Drag and drop the Heikin Ashi Lines Indicator onto the chart of your choice.
- Adjust the indicator settings as needed and click “OK” to apply it to the chart.
