It seems forex traders and also stock traders look for Heikin Ashi and smoothed heikin ashi more and more everyday. Maybe because they eliminate a lot of noise and show a clearer and sharper direction. We have an article about Heikin Ashi and the way you can use it in your trades here: What Is Heikin-Ashi and How to Trade with It?
In this article we are helping you have the Heikin Ashi or the Smoothed Heikin Ashi on your MT4 platform easily. MetaTrader already has Heikin Ashi that can be easily added to the price chart but it has some problems:
The problem is that it covers the candlestick and so you can not see either the candlesticks or Heikin Ashi properly:
You can see the Heikin Ashi properly by changing the colors and making the candlestick chart invisible. Here we are helping you to have clear and proper the Heikin Ashi chart in a few easy steps and without having to change the colors. We have already done it for you.
Place the below file in the indicators folder (e.g. C:\Program Files\Broker Name\experts\indicators\):
Note: To save the files on your computer hard disk, just right click on the below links and click on “Save target as …” and then “Save”. Do not change the files name:
Then put the below file in the templates folder (e.g. C:\Program Files\Broker Name\templates\):
Now close your MetaTrader and restart it. Then right click on the price chart and choose the Heikin Ashi from the templates.
You will have the below chart then. You can add any other indicator to it and also use it with any time frame.
The above chart is the ordinary Heikin Ashi but we also have another kind of Heikin Ashi which is called Smoothed Heikin Ashi. It is slower than the ordinary Heikin Ashi and eliminates a lot of noise. For me it is too slow and so I don’t use it. It works like a 10 or 20 moving average. You can try it and see if it works for you.
To have the Smoothed Heikin Ashi chart make sure that the below file are place in the indicators folder (e.g. C:\Program Files\Broker Name\experts\indicators\ folder):
https://www.luckscout.com/downloads/Heiken Ashi Smoothed.ex4
Also place the below file in the templates folder (e.g. C:\Program Files\Broker Name\templates\ ) and then restart your MetaTrader:
https://www.luckscout.com/downloads/smoothed heikin ashi.tpl
Now open a new chart, right click on it and choose the Smoothed Heikin Ashi from the templates list. You should have the below chart then. The green line is the price line. You can make it invisible by changing its color to black but I think you’d better to keep it to know the difference of the real price movements and what the Smoothed Heikin Ashi shows you.