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Heikin Ashi Metatrader 4 Indicator

Heikin-Ashi candlestick charts look very similar to regular candlestick charts but differs because of the used formula to calculate and draw the candlesticks.

Heikin-Ashi Used Formula

Close = (Open+High+Low+Close)/4
Open = [Open (previous bar) + Close (previous bar)]/2
High = Max (High,Open,Close)
Low = Min (Low,Open, Close)

Advantages of using Heikin-Ashi candlesticks

Heikin-Ashi candlestick charts react much slower to high volatility than a regular candlestick chart.

They tend to significantly reduce the amount of whipsaws/fake signals because of the built-in delay.

This creates a great tool to trade highly volatile currency pairs such as the GBP/JPY.

Download

Download the Heikin-Ashi.mq4 indicator.

EUR/USD Daily Chart Example

heikin-ashi-indicator-mt4

How to install the Heikin Ashi custom indicator in Metatrader 4?

  • Download the Heikin-Ashi.mq4 indicator to your computer.
  • Open your Metatrader 4 platform.
  • Open the data folder from the top menu.
  • Open the MQL4 folder.
  • Open the indicators folder.
  • Paste the indicator file in this folder.
  • Restart the trading platform.
  • Open any trading chart.
  • Attach the indicator to the chart.