Heikin Ashi can be useful for understanding trend based on price action but it doesn't take volume in context. Here I have tried to use volume for understanding true bar color and ultimately true trend analysis. It can also help you in not getting trapped in sudden shakeouts. Also, you can use it for averaging of your existing position.
Conditions used:
Relative closing price
Relative volume against previous bar and overall moving average of volume
Volume analysis
Trend analysis
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Updated to version 5
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Trailing stoploss is added in the script to highlight when to minimize the risk and Improve R:R ratio
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Limited number of Trailing stoploss lines display period.
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Trend reversal must be confirmed by closing above or below trailing Stoploss
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Tutorial for the script added along with the the scenario like supertrend
Hello bro, To show the candle color when (O = L (green) and O = H(red)) if wick both side no color(different colour) for heikin ashi... Please help me how it can be achieved
iitiantradingsage
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@sdeepalucky, its all about significance of the normal candlestick.. I don't think it is that useful for heiken-ashi
sdeepalucky
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@tradeswithashish, Is that is possible to make the indicator to identify like that. I wanted to use that in my strategy. If you can please help me out.
What i am expecting is? After the candle is formed and if that candle (O = L (show green) or O = H(show red)) if the wick has both sides then show different color for heikin ashi candle only..
iitiantradingsage
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@sdeepalucky, We will have to change many criteria in that case.
sdeepalucky
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@tradeswithashish, Yes correct.. I have tried but i couldn't able to do it as i don't have much knowledge on coding.. If you can please help me out bro
iitiantradingsage
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@sdeepalucky, i will do it if you donate coins for my efforts :)
sdeepalucky
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@tradeswithashish, Ok sure.. Please let me know..
sdeepalucky
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@tradeswithashish, Hello bro, when I expect from you.. as you are busy. how much coins you are expecting