If you're looking to refine your trading strategy, the Heiken Ashi Bars indicator for MetaTrader 5 is a fantastic tool to consider. This indicator provides valuable insights by analyzing the Heiken Ashi Open and Close values.
So, how does it work? The opening and closing prices of candlesticks are calculated using the Heiken Ashi algorithm. The direction of these Heiken Ashi candlesticks is what we focus on, and only the upward or downward trends are represented as colored bars on your price chart.
When the trend of the Heiken Ashi candlesticks aligns with the standard chart candlesticks, you'll see a light-colored bar. Conversely, if they’re heading in opposite directions, the bar will appear dark. This visual cue can help you make more informed trading decisions.
Figure 1. The Heiken Ashi Bars Indicator
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