Heiken Ashi Candles Indicator for MetaTrader 5 Download - Free - [TFlab]

The Heiken Ashi Candles Indicator is one of the effective tools available on the MetaTrader 5 indicators, designed to simplify the identification of market trends and potential reversals.

This indicator calculates price data using special equations and eliminates unnecessary noise, resulting in clearer trend identification.

Indicator Specifications Table

A summary of the features of this indicator is presented in the table below:

Overview of the Indicator

To plot Heiken Ashi Candles, prices are calculated and displayed differently compared to standard candlesticks. This method involves averaging the open, close, high, and low prices within a specific timeframe.

This formula results in smoother candlestick representations, eliminating unnecessary volatility and noise. Additionally, the open and close values of each new candlestick are adjusted based on the data of the previous candle, providing a continuous and fluid price movement on the chart.

Indicator in an Uptrend

In the USD/CHF chart, the presence of green candles with long bodies and no lower shadows indicates a strong upward trend.

Traders can analyze key levels such as support zones or order blocks, assess the market trend, and enter buy positions.

Indicator in a Downtrend

The chart below shows the AUD/JPY pair. Red candles with long bodies and no upper shadows indicate the dominance of sellers and the continuation of a downtrend.

Traders can analyze key levels and, upon receiving necessary confirmations, enter sell positions.

Indicator Settings

The complete configuration details are displayed in the image below, which includes the Display Settings section:

• Chart Theme: The background theme of the indicator

Conclusion

The Heiken Ashi Candles indicator, as one of the trading assist indicators MetaTrader 5, is widely used for identifying market trends and providing a smoother representation of trends for initial analyses.