Download Heikin Ashi and Smoothed Heikin Ashi Indicator and Template for MetaTrader

by Vahid | Technical Analysis | Friday, November 7th, 2008

I see that forex traders and also stock traders look for Heikin Ashi and smoothed heikin ashi more and more everyday. Maybe because they eliminate a lot of noise and show a clearer and sharper direction. I have already written an article about Heikin Ashi and the way that you can use it in your trades here: What Is Heikin-Ashi and How to Trade with It?

In this article I want to help you to have the Heikin Ashi or the Smoothed Heikin Ashi on your platform easily. MetaTrader already has Heikin Ashi that can be easily added to the price chart but it has some problems:

The problem is that it covers the candlestick and so you can not see any of the candlesticks and Heikin Ashi properly:

You can see the Heikin Ashi properly by changing the colors and making the candlestick chart invisible. Here I am helping you to have clear and proper the Heikin Ashi chart in a few easy steps and without having to change the colors. I have already done it for you.

Place the below file in the indicators folder (e.g. C:\Program Files\Interbank FX Trader 4\experts\indicators\):

Note: To save the files on your computer hard disk, just right click on the below links and click on “Save target as …” and then “Save”. Do not change the files name:
http://www.forexoma.com/downloads/Heiken Ashi.ex4

Then put the below file in the templates folder (e.g. C:\Program Files\Interbank FX Trader 4\templates\):

http://www.forexoma.com/downloads/heikin ashi.tpl

Now close your MetaTrader and restart it. Then right click on the price chart and choose the Heikin Ashi from the templates.

You will have the below chart then. You can add any other indicator to it and also use it with any time frame.

The above chart is the ordinary Heikin Ashi but we also have another kind of Heikin Ashi which is called Smoothed Heikin Ashi. It is slower than the ordinary Heikin Ashi and eliminates a lot of noise. For me it is too slow and so I don’t use it. It works like a 10 or 20 moving average. You can try it and see if it works for you.

To have the Smoothed Heikin Ashi chart make sure that the below file are place in the indicators folder (e.g. C:\Program Files\Interbank FX Trader 4\experts\indicators\ folder):
http://www.forexoma.com/downloads/Heiken Ashi Smoothed.ex4

Also place the below file in the templates folder (e.g. C:\Program Files\Interbank FX Trader 4\templates\ ) and then restart your MetaTrader:
http://www.forexoma.com/downloads/smoothed heikin ashi.tpl

Now open a new chart, right click on it and choose the Smoothed Heikin Ashi from the templates list. You should have the below chart then. The green line is the price line. You can make it invisible by changing its color to black but I think you’d better to keep it to know the difference of the real price movements and what the Smoothed Heikin Ashi shows you.

Enjoy!



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33 Comments:
post a comment
Comment by Daniel
2008-11-07 17:51:54

hello, what is the best settings for Moving averages and bollinger bands

Reply to this comment
Comment by Vahid
2008-11-07 17:57:33

Hi Daniel,

It depends on the way that you like to trade. Using two moving averages, one fast and one slow, like MA10 and MA20 can help you to see the trends or reversals. Personally I don’t use moving averages in my trades.

The best setting for Bollinger Bands is 20.

Reply to this comment
 
 
Comment by paul gilbert
2008-11-07 17:52:20

Great to have you back - we’ve missed you. Will you be starting the analysis again soon?
Best regards
Paul

Reply to this comment
Comment by Vahid
2008-11-07 17:57:53

Hi Paul,

Thanks a lot. I miss you too. Unfortunately I am not able to have the daily analysis by now. I really love to do that but I don’t have time. I hope I can do it as soon as possible.

Best regards,
Vahid

Reply to this comment
 
 
Comment by williams
2008-11-07 17:52:40

Vahid,
Thanks for your effort to train many traders free of charge! We miss your postings. Am still wondering if the statement you made that trading forex is not difficult is TRUE!
I had been hard trying to be successful in forex , but it hasn’t work for me. Please, give short advice.
Thanks.

Reply to this comment
Comment by Vahid
2008-11-07 17:58:12

Hi Williams,

You are welcome. I will be happy to be any of help.

I still say forex is not difficult. It just needs patience, practice and experience. First you need to learn the techniques and choose a good and easy to implement system. Complicated systems are nothing but problems. Then you have to keep on practicing with your system using a demo account. You have to have the patience to wait for the signals and trade setup. You should avoid speculation. You should think that you are trading with the real account. If you can double your demo account for three times consecutively, you can then start trading with live account. But you’d better to start with a very small amount of money and then when you felt full confidence (and not over-confidence) you can increase the amount of your trades.

If you follow these stages you will see that forex is easy and it just needs patience and practice.

Do not try to compete with anybody in forex. Do not try to make 1000, 2000, …. pips every month if you are new. It is impossible. Do not push yourself to make a trade. You should not create a trade. The market should give you a trade and you just need to enter.

Best regards,
Vahid

Reply to this comment
Comment by Sibylla Bordeaux
2008-12-06 14:12:30

This is some of the very best advice I have ever seen given re trading the Forex. It matches my experience exactly, and I could not emphasize it enough to a beginning trader.

Vahid has the goods re this, guys! Listen to him!

Reply to this comment
 
 
 
Comment by George Freeborn
2008-11-07 17:52:58

Suprised you do not use MA’S ! What about Alligator on your website ?

Reply to this comment
Comment by Vahid
2008-11-07 17:58:29

Hi George,

Yes I don’t use moving averages. I just explained about them on my website for those who like to use them.

For me moving averages are so slow and far from the truth. For me the price is the best indicator. I like to see the real and true picture not a modified picture reflected by an unclear mirror. Price movement is my main indicator. I use technical analysis to find the trends, patterns, supports and resistances. I use candlesticks and Bollinger Bands too. The only other thing that I use is RSI but in many cases I don’t even look at RSI.

Best regards,
Vahid

Reply to this comment
 
 
Comment by victor
2008-11-07 17:53:13

good day sir
this will be my first post,i stumble across this ur site about amonth ago,through google,when i was looking for away to trade with moving average,the explaination u gave was just great i wonder why u dont use it.i have actaully attended series of forex seminar,only to achieve nothing at the end.i cant believe there is somebody who cando this free of charge.well i practise the MA.cos i have an account with marketiva.but they dont have meta4trader,so i open one with fxopen place everthing there once the signal comes i trade with marketiva.it was working with my demo acc.so i found my account with $100.within two hours of trading i made about 140 pips,i almost double the acc.but the same way ilost the whole money back in a day(next day)since then ihave been trading the demo,but i am doing fine there. cos i realise my mistakes,and i have really work on it.thank you very much and God bless u

Reply to this comment
Comment by Vahid
2008-11-07 17:58:53

Hi Victor,

Welcome and thanks for your comments.

Any trader is different. For some traders moving averages are great but for me it doesn’t work. They are slow for me. I like to get the early signals through candlesticks.

Keep up the good work and practicing.

Best regards,
Vahid

Reply to this comment
 
 
Comment by markpips
2008-11-07 17:53:36

Thanks for your free gift.

Please we need to know the condition to enter a trade Heiken Ashi.

Ragards

markpips

Reply to this comment
Comment by Vahid
2008-11-07 17:59:31

Hi,

Please read the below article:
http://www.forexoma.com/what-is-heikin-ashi-and-how-to-trade-with-it/

Reply to this comment
 
 
Comment by Malcolm Kirke
2008-11-07 17:56:30

Glad to get those files Vahid. It was just what I needed to give me the impulse to make my own heiken ashi template. Actually I don’t like the black, gridless chart so I changed it to a pale colour. If anyone else has the same liking, you have to change not only the background, but you make the bar up, bar down, bull candle, bear candle the same colour as your background. You will probably need to change the foreground to a dark colour too. You change the chart colours by clicking right-clicking the chart on a blank area and clicking “Properties”. When you have the colours you like everywhere, save the template under your own choice of name. Grids can be switched on and off after right-clicking the chart, too, or press CTRL+G.

Reply to this comment
Comment by Vahid
2008-11-07 18:00:13

Thanks Malcolm.

Yes you can have your favorite color on your charts.

Reply to this comment
 
 
Comment by bless
2008-11-16 04:10:16

Thank You for the indi…..

any body trade with EA?? try this mine, free just for you

Reply to this comment
Comment by Armin
2009-01-10 10:16:59

Hi Bless!

I’ve tried a number of different EA’s and they ALL seem to break down at some point. The best computer we have is still between our ears but unfortunately we as humans can’t stay up 24 hrs. trading the forex. That’s the only advatage of EA’s. Good luck in trading. All the best.

Kindest regards,

Armin

Reply to this comment
Comment by Vahid
2009-01-11 11:50:43

His EA is not free actually. He rents it and you have to pay before you know if it really works or not.

Honestly I have tried several different EAs because I also love to sit at the computer less and let a robot makes money for me BUT they don’t work. Most of them lose more than what they make. Some of them work good for a while and then start losing and some of them are good only for demo trading.

Reply to this comment
 
 
 
Comment by Bayo Ayinde
2008-11-17 09:32:22

Good job. God bless you. I will try to explore this method in my trading. Can you tell me what time in EST ot GMT is best to trade GBP/JPY pairs?

Thank you.

Reply to this comment
Comment by Vahid
2008-11-29 17:05:02

Hi Bayo,

It depends on yourself and the time zone you are living. If you live in Europe, you can use take the advantage of London session and if you live in America you can trade during the New York session. Both of them are good.

Best regards,
Vahid

Reply to this comment
 
 
Comment by Armin
2009-01-10 10:12:32

Hi Vahid!

Thank you very much for making the Heiken Ashi Smoothed files available to us. I have an interesting story about price-driven trading combined with HAS. A gentleman named Martin Alexander first gave me the idea for trading strictly price-driven. Before that I was using a number of fancy proprietory indicators matched with the HAS on four diffferent time frames. A little complicated but I got used to it and it worked quite well for finding trending markets but not so good for ranging markets. Here’s Mr. Alexander’s strategy in a nutshell. So simple it’s almost genius. Would never have thought of it by myself. He uses a bar chart on a 30 minute t/f (M30). He uses the first bar as a set-up bar and the second as an entry bar. Where the first bar closes, the second more or less opens, makes a small move from the open in the same direction as the first bar then retraces back and past the open in the opposite direction of the first bar. The trade entry is 1 pip past the close of the set-up bar and the stop is 1 pip below the lowest point of the second bar. Seems to work quite well. I am trying to adapt it to work on the 15 minute t/f (M15) coupled with HAS displayed as a bar beneath the main window. I really don’t have much faith in even the best of EA’S so I have gone back to manual trading and Mr. Alexander’s system seems to work particularly well for ranging markets which I have had a great deal of trouble trading with before. My explanation sounds a lot more complicated than the actual implementation of the strategy itself. Probably for a much clearer explanation you can go to Mr. Alexander’s website which I believe is called “Auto Scalper”. Mr. Alexander seems to be a really good guy because he is helpng new traders without asking anything in return. I find his most recent price-driven strategy particularly helpful for ranging markets which I hope to adapt for trending markets also, using different colours for the up and down bars, using it on the M15 t/f and coupling it with a modified HAS displayed as a bar chart underneath the main window to give some idea of prevailing trend, or upcoming trend reversal. I hope this article has been at least a little bit helpful. Might even be worth your while to subscribe to Mr. Alexander’s feed as he seems to genuinely want to help others to trade the forex better and he seems to be successful enough at it that he doesn’t need to ask money in return from others for his ideas. All the best and good trading. I wish you all health, happiness, abundance and prosperity for the new year.

Kindest regards,

Armin

Reply to this comment
Comment by Vahid
2009-01-11 11:42:24

Dear Armin,
Hi

Thanks for the time you spent to explain the system for us.

Just curious to know if you have ever used it on the live market. Because this is the system that back-testing can not tell you if it works or not because all the candles are already formed and you can only see the candles that made money not the ones that would trigger your stop loss. Of course it is possible to check it in smaller time frames but it takes time.

So please let me know if you have used it lively (demo or real account) and what was the result.

Thanks again and wish you more success in your forex business.

Best regards,
Vahid

Reply to this comment
Comment by Armin
2009-01-11 21:58:09

Hi Vahid!

Thank you for your very kind message. Haven’t had a chance to try it on either a live or demo account yet. I don’t think this particular system lends itself very well to backtesting because it is price driven. You would have to write an EA for it to trade as you would manually. This system is meant to be traded manually. Only learned of this particular strategy late last week and went through the videos trying to understand it. It seems simple enough and I’m trying to tweak it to work in all market conditions. Never in a million years would I have thought of price driven trading. I don’t believe that price driven trading alone can be totally successful. You need some kind of indicators to at least give you some kind of market direction indication.
I knew that my explanation wasn’t quite clear enough. Mr. Alexander does a much better job of it than I. He has pictures and graphs. I don’t.
When you jump into the market with this system and you have entered in the middle of a time period, whether 15M, 30M or 1H, the last bar you see is your SET UP BAR. We use a bar chart NOT candles. He prefers the M30 and after doing a bit of comparative analysis I tend to agree with him as the M30 seems to make the most profit. The 4HR seems to be really good also but I don’t know how well it would work in a very tight ranging market. My feeling seems to be in a very tight ranging market you would probably be better off going to a lower time frame than a M30, maybe the 15M, NOT LOWER, but for most situations the M30 sees to work best.
Anyways, as I was saying, if you enter the market on something other than the full hour, half hour or quarter hour you are looking at an old bar and this becomes your set up bar. It must be more than 15 pips from high to low when it closes. Where the set up bar exits; the next bar, being the entry bar, should more or less open. You wait for this bar to go in a direction and then retrace past its own open. You enter the market one pip past the close of the former bar once the current bar has gone in a direction and then in the opposite direction past its own entry point. When the bar goes in a direction and then comes back past its own entry point that is the market entry confirmation. The stop is one pip past the first direction the second bar went in and the entry is one pip past the close of the former bar after the second bar has retraced. I really can see this system working quite well if used in conjunction with a reliable indicator that doesn’t obscure the main window. It sounds a lot more complicated than it really is and you don’t use candles but a bar chart (OHLC). You won’t make every single trade but I can see this very simple system having a high success rate. All the best to you and good trading. Hope this helped.

Kindest regards,
Armin Rohde

Reply to this comment
Comment by Vahid
2009-01-11 21:59:17

Hi Armin,

Thanks again for the detailed explanations. I really appreciate the time you spent to explain.

Yes an EA for this system will be a big help and fortunately some other traders have already developed it. You can download it here:
http://www.forexfactory.com/showthread.php?t=143819&page=4

I have not tried it yet but I will do that on a demo account to see how it works.

Best regards,
Vahid

Reply to this comment
 
 
 
 
Comment by jelmark
2009-01-22 01:43:54

morning vahid,
i immensely appreciate ur generous contributions.its about heiken ashi. sir,i dont know the particular computer steps to take to place heikin ashi on my template and indicators folder. help me with the specific steps to place it on the above folders.thank u sir

Reply to this comment
 
Comment by MIHO
2009-01-24 14:43:59

THANKS VERY MUCH

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Comment by pooja
2009-02-26 05:03:13

Hello sir,

please tell me how to download Heikin Ashi on metastock chart or quotecentre, which i m useing currently.

thanks.

Reply to this comment
 
Comment by WRICK
2009-06-23 03:20:09

hello sir

please tell me how to download the HEIKIN ASHI.

THANKS

Reply to this comment
 
Comment by Marc
2009-07-05 13:31:50

I wonder is it also available for tradestation? I would like to have smooth heikin ashi indicator

Thanks

Reply to this comment
 
Comment by Brian G
2009-07-07 14:15:55

What would really be nice is if you didn’t get cute and embed your web address in the code
so that it appears on every chart that you use the HA on……..right in the area where EA and alert info appears.

Reply to this comment
Comment by Vahid
2009-07-07 14:24:10

You don’t have to use it, do you?

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Comment by Tin Man
2009-12-26 12:22:18

Great Template! Now knowing when to ignore hot air is easier. No market noise. Thanks!

Reply to this comment
 
Comment by Benoit
2010-01-16 17:54:59

Hello,

I have a problem with the file that I have to put in the template folder

Then put the below file in the templates folder (e.g. C:\Program Files\Interbank FX Trader 4\templates\):

this (http://www.forexoma.com/downloads/heikin ashi.tpl) when I download there is a new page opened and I can’t download or do copy to put in the template folder where only .mqt files are

my english is not perfect I am sorry I hope that you understand my question

thanks for answer

Benoit

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