It is a Heiken Ashi candle overlay. It has a selectable moving average before HA calculation and another after HA calculation, to smooth original Heiken Ashi candles.
It can be used:
Detecting Short/Long term trend direction
Dynamic support/resistance, not just a line, but it has a height
Trailing stop
Trend reversal detection, when price cross above/below Heiken Ashi candle
A lot of moving averages can be selected to adjust it to the selected market.
It uses my TAExt library, so you can use it in your strategies as well.
Short code but powerfull and vey interesting to experiment with it. Thanks so much my friend!
TheBacktestGuy
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@Ether2020, Thank you for your support! It is short code, because the main logic is in the library: tradingview.com/script/3i8MeCJw-TAExt/ I found it is a good way to make all my indicators in one library, because this way I can use them in strategies, and they can share features with each other.
Ether2020
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@wallneradam, Oh yes now I see it! Amazing work and the perfect way to test and experiment with all the averages! Thanks again my dear friend!
deanopagelli
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@wallneradam Hi, thanks for this. Is it possible to have an alert when it changes colors?
sharpie0319
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Hello many thanks for this, truly appreciated @TheBacktestGuy ...just wondering if possible to add alert when color change?
Thanks
rmulianof
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Nice indikator
aaron4709
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This is just a fantastic and very accurate indicator for seeing where things headed. However, was wondering if you could post or share on how to set up the stock screener so that it shows the stocks that are just changing direction on this indicator on the 4 hr, either starting to move up or starting to move down? Would be grateful if you could share how to get that set up. Much thx
GarethSA
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Hi, great script Does this repaint?
TheBacktestGuy
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@GarethSA, No, no repainting. It uses only moving averages and heiken ashi calculation.
GarethSA
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@wallneradam, Thanks.
Also, what if you delete your library or leave TV, will it stop working?