Show Number Consecutive Heiken Ashi Candles Indicator For MT4
The Show Number Consecutive Heiken Ashi Candles Indicator For MT4 is a very simple indicator that can help a trader to count the number of Heiken Ashi candlesticks that have been printed in any chart on the Meta Trader 4 charting platform. The Show Number Consecutive Heiken Ashi Candles Indicator For MT4 was built based on the Heiken Ashi candlestick indicator which also works on the Meta Trader 4 charting platform.
The indicator is built for the traders who use the charting platform to do all of their day-to-day charting of the different timeframes that make up the trader's currency pairs and trading assets of choice, to do all of the trader's technical analysis during the trading day and to actively make trading decisions.
The trader can derive a lot of advantages from using the indicator including the ability to observe Heiken Ashi indicator in a subwindow while the trader still retains his or her normal candlesticks on his or her trading chart. The trader can also derive a lot of other advantages from using the indicator and some of these advantages and disadvantages are both outlined and extensively discussed below.
Some of the Major Advantages and Disadvantages of using the Show Number Consecutive Heiken Ashi Candles Indicator For MT4
One of the first major advantages of using the Show Number Consecutive Heiken Ashi Candles Indicator For MT4 to the trader is that he or she can have the Heiken Ashi candlesticks while still being able to keep and clearly visualize his or her normal candlesticks on the trading chart.
This means that the trader who has the indicator attached to his or her trading chart can easily see his or her regular candlesticks or bars and at the same time, still be able to observe the normal insights that a trader would derive from using the Heiken Ashi candlestick on his or her trading charts in real-time during the trading day.
For instance, a trader who has the indicator on his or her EURUSD trading chart would immediately be able to see how a Heiken Ashi candle would have been printed for that particular candlestick and then be able to take advantage of it in order to either stay in a trade or to enter a new trade.
Normally, Heiken Ashi candles were built as a way to visually smoothen the price action happening on a trader's current chart in such a way that the trader would only see bars of a particular color when the market is in an uptrend for the trader's current timeframe and bars of another color when the market is in a downtrend on the particular timeframe that the trader is working from during the trading day.
This will result in the trader only seeing green colored candles, for instance, when the market is currently in an uptrend and not showing any other colors to distract the trader as the trend continues.
This is in direct contrast to the regular candlesticks that print more random-looking candlesticks which can be very distracting for the trader. Regular candlestick charting can be very confusing especially for beginner traders because of the way it prints candlesticks during the trading day. For instance, within an uptrend, the regular candlesticks may print both upward candles and downward candles even though its overall goal is to move upwards.
A Heiken Ashi candle, on the other hand, will only print up-trending candles within the period that the market is currently trending upwards towards the trading day. Hence, when the trader uses the Show Number Consecutive Heiken Ashi Candles Indicator For MT4, he or she would naturally see a more smoothed market move compared to if the trader uses only regular candlestick charting.
The beautiful thing about the Show Number Consecutive Heiken Ashi Candles Indicator For MT4 is that it prints in a subwindow, effectively separating the trader's regular candlesticks from the Heiken Ashi candlesticks. When the trader uses the indicator, it becomes possible for him or her to compare the regular candlesticks on his or her trading charts with the Heiken Ashi candlestick that would have obscured his or her trading chart but is not currently interfering with the trader's current charts.
The trader can then gain all of the advantages of using the Heiken Ashi candlesticks while still being able to observe his or her regular candlestick chart. This will enable the trader to make trading decisions using the candlestick charting that he or she is most conversant with and not blindly entering trades.
Another core advantage of using the Show Number Consecutive Heiken Ashi Candles Indicator For MT4 is that it will help the trader to stay in a long term trend. This means that the trader who has the indicator attached to his or her trading charts will find it easy to sustain a trade when a market keeps on trending for a long time.
The trader will be able to do this because the Heiken Ashi candlesticks tend to maintain a single chart color during either a market uptrend or a market downtrend. Hence, the trader can watch the Show Number Consecutive Heiken Ashi Candles Indicator For MT4 during the trading day in order to stay in tune with the trend and to ensure that the trader's actions are in close sync with the current market direction.
Yet another advantage of using the Show Number Consecutive Heiken Ashi Candles Indicator For MT4 is that it makes it easy for the trader to identify the overall direction of a market at a single glance. This means that the trader would be able to know exactly whether the market is moving up or whether the market is moving down during the trading day.
Once the trader can identify the market direction easily, it then also becomes very easy for the trader to align all of his trading decisions to fit the direction that the trader has observed the market to be trending in. This then helps to ensure that the trend following trader does not take trades against the general market trend.