I pulled money out of my own pocket to have this coded & I am sharing it with you because…well that is what I have been doing since 2008; giving away all my hard learned knowledge and sharing my toys :20:
I’ve always loved the Heiken-ashi for its readability but hated it at the same time because it is so much different than the candle chart which so many of us understand.
The basics of trading a candle chart is this:
-
If price is closing higher than ‘something’ then you should not consider shorting.
We call this rule the “Body in the Direction of Profit” or “BDP”. -
If price is closing higher than ‘something’ and price breaks lower but fails to close lower then you most definitely do not want to short.
We call this rule the “Wick in the Direction of Loss” or “Wickdoll”
I tell you this much just to make my next point…
HEIKEN is TERRIBLE at CLOSING HIGHER than ANYTHING
&
It is always going to have “failed BO” because the close is an average.
Then I had a most crazy idea…
…I was going to alter the formula to hug closer to the candle chart and then use that data to generate a 2xCC (two charts on one screen that work together to describe the underlying price action).
The opens of the CC are unique unto themselves, but the closes of the CC are exactly where the HA closes with each color alternating to capture every HA close instead of combining and skipping as you would get with a single custom candle chart (1xCC).
The idea is complicated but the resulting chart is amazing :32:
Anyways, try out and let me know what you think :33:
2xCCxHAHA.zip (2.02 KB)