This script gives you an opportunity to see the trend and price impulse information cointained in Heiken Ashi bars whithout having to sacrifice seeing the raw price action of normal candles or other styles of charts.
I flattened out the HA bars to a straight line so it is easier to see if the candles momentum is picking up of fading
There is a Multi Time Frame option to show Heiken Ashi candles on another Time Frame. There is the option to color the bars on the chart with the HA information (I use a 3 bar ma the further smooth out the info) A last option is to add signals when the HA bars have wicks on the wrong side (down wicks on "up" candles an up wicks on "down" candles) those can indicate price momentum staring to change into possible reversals or pull-backs soon.
JD.
#NotTradingAdvice #DYOR
I build these indicators for myself and provide them open source, to use for free to use and improve upon, as I believe the best way to learn is toghether.
Great idea, reminds me of Michael Oliver's Momentum Structural Analysis but looks like may even be better. I will be excited to play with this. Thanks!
Duyck
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@allanster, thanks for the support! I’m still experimenting with it too!