New Heiken Ashi Indicator for MT5

The New Heiken Ashi Indicator for MetaTrader is a trend following system that analyzes the trend shift of any currency pair. This is an improved version of the regular indicator, developed using more advanced technical tools. The indicator bars change color to blue to indicate a potential bullish move and turn red when the trend is bearish. Moreover, the indicator is recommended for beginners, intermediate and advanced forex traders. It would also be an invaluable trading tool for scalpers, intraday and swing traders. How to Trade With Heiken Ashi Indicator The image above shows the action of the indicator on the AUDUSD currency pair on the H4 timeframe. It shows how to combine price action with an indicator signal to create a high probability setup. From the above buy signal, you can see that the price has printed a bullish engulfing candlestick pattern which suggests a potential bullish move. The indicator bars also turned blue. The above principle was also applied to generate a sell signal. While take profit/stop loss is discretionary for each trader, it is recommended to place a stop loss just a few pips below/above the Heiken Ashi bars for a buy/sell signal respectively. Conclusion The New Heiken Ashi Indicator for MT5 is an optimized version of the Heiken Ashi indicator with more accurate trend analysis and signals. Finally, it's free to download.