Heiken-Ashi & MFI Blend

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Product Description

Special Offer

To those traders who bought Heiken-Ashi & RSI Blend, we will provide a special discount of 50% OFF if you buy this product. Please contact us to get this offer.

Following the success of the Heiken-Ashi & RSI Blend, we have developed a similar indicator but this time it is based on the MFI oscillator.

Heiken-Ashi & MFI Blend combines the power of these 2 famous classic trading tools:

  • Heiken-Ashi: The best & well-known smoothing formula that provides reliable noise reduction (also spelled as Heikin-Ashi).
  • MFI: Good in catching overbought/oversold regions, which signals potential price reversals.

In our version, we call the candle where the Heiken-Ashi trend switches from bullish to bearish or vice versa a “turning point”. Because there are a lot of turning points and many of them are noise, we don’t take every turning point as a signal. Instead, we compare 2 consecutive turning points of the same side to filter out low-quality signals. This filtration is controlled by “Signal Mode” with which you can choose how signals are generated:

  • Strengthening Turning Point: 2 consecutive bearish turning points will generate a bearish signal if the Heiken-Ashi Close value of the later point is larger or equal to the Heiken-Ashi Close value of the previous point. Reversely, 2 consecutive bullish turning points will generate a bullish signal if the Heiken-Ashi Close value of the later point is smaller or equal to the Heiken-Ashi Close value of the previous point.

  • Weakening Turning Point: 2 consecutive bearish turning points will generate a bearish signal if the Heiken-Ashi Close value of the later point is smaller or equal to the Heiken-Ashi Close value of the previous point. Reversely, 2 consecutive bullish turning points will generate a bullish signal if the Heiken-Ashi Close value of the later point is larger or equal to the Heiken-Ashi Close value of the previous point.

The result is a modern oscillator that catches tops & bottoms pretty well, especially in a sideways market.

Key features:
  • Plot Heiken-Ashi bars of MFI in a separate panel
  • Allow selecting between 2 signal modes: Strengthening Turning Point or Weakening Turning Point
  • Allow configuring "Strict Mode" (if enabled, only peak turning points happening in overbought/oversold regions are accepted)
  • Allow configuring the weight of candle Open in Heiken-Ashi calculation
  • Allow configuring MFI period
  • Allow smoothing MFI with user-defined period
  • Highlight overbought & oversold regions
  • Draw the connection line between 2 consecutive turning points that generate a signal
  • Allow adjusting Heiken-Ashi bar colors
  • Print markers on signal generated
  • Trigger alerts on signal generated
  • Be NinjaScript ready for advanced usage, only restricted by your imagination
  • Expose dedicated NinjaScript signals
Dedicated NinjaScript signals:
  • Signal_TrendHAMFI: 1 = uptrend HAMFI, -1 = downtrend HAMFI
  • Signal_Trade: 1 = bullish, -1 = bearish, 0 = no signal
  • Signal_State: 1 = overbought, -1 = oversold, 0 = middle

Software Changelog

  • 21 Jul 2022 - The indicator was released (build new).

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