The Heiken Ashi Ma T3 new MT4 indicator is a trend based forex trading indicator. It combines Heiken Ashi, moving average and a filter: T3. The combination of these makes the bullish and bearish trend signals of this indicator profitable and provides a better risk reward ratio.
The indicator is versatile and provides many input options. Though the default moving average calculation method is T3, It provides an option of choosing between 5 types of moving average methods. Additionally, it provides multiple alert types to help traders utilize trading signals.
Features of Heiken Ashi Ma T3 New MT4 Indicator
The indicator plots coral and blue Heiken Ashi candles on the price chart. Coral Heiken Ashi indicates the beginning of a bearish price trend, while the blue represents a bullish price trend. Similarly, the T3 moving average signals a lime dot in a bullish trend and a majenta dot in a bearish trend.
Traders should have a blue Heiken Ashi candle and a lime dot to enter a buy trade. Traders can place a stop loss below the previous swing low or Heiken Ashi candles. Additionally, traders can hold the position and ride the trend to exit at an opposite trading signal.
Heiken Ashi candles move according to price changes. So, traders can move the stops along the Heiken Ashi candles and trail the price instead of having a fixed stop loss.
Similarly, traders should consider entering the markets with a sell position if the Heiken Ashi candles turn coral. Moreover, a T3 majenta dot should appear above the price chart as a confirmation.
Traders should note that Heiken Ashi candles are pseudo candles and are calculated with average prices. Furthermore, the filters are based on moving averages. In essence, the indicator has a reasonable lag in the trading signals due to the nature of the average based calculations.
Benefits of Heiken Ashi Ma T3 New MT4 Indicator
The indicator is simple to use and provide buy and sell trading signals in terms of dots above or below the candles. Traders can enable/disable the Heiken Ashi candles for a better and clearer chart. So, it is suitable for new and advanced forex traders.
The indicator works on all intraday chart time frames as well as the daily, weekly and monthly charts. So, it is suitable for scalping, short and long-term traders. However, due to the nature of moving averages and Heiken Ashi this indicator performs its best in higher time frame charts. In other words, short and long-term forex trend traders will be able to get profitable trading signals.
Indicator Settings Description
MaPeriod: Period for moving average.
Step: Input for Heiken Ashi.
MaMetod: Choose between 5 different types of moving averages.
T3Hot: Input for T3 calculation.
BetterFormula:, T3Original:, SortedValues:, ShowHeikenAshi:, ShowDots: Enables the option.
DotsGap: Distance of the dot signal from candlestick.
DotUP:, DotDN:, DotsSize: Symbol and size of dots.
SoundFile: Alert sound.
SIGNALBAR: 0= current candle, 1=Enables trading signals after candle close / previous candle.
AlertsMessage:, AlertsSound:, AlertsEmail:, AlertsMobile: Enables alerts.