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Heiken-Ashi & MFI Blend
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
Sound alert (configurable rearm)
Email alert (possibly configured as SMS alert)
Message displayed in Alerts Log window
- 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
Instruments: futures, stocks, indices
Interval types: timebased or non-timebased, standard or custom
Chart styles: whatever
Ready to use out of the box
Fully configurable & customizable with ease
- 21 Jul 2022 - The indicator was released (build new).
Heiken-Ashi & MFI Blend $$5 5C. H.100%Thank you Hannah for helping me choose my new indicators ... I am enjoying them. Your customer service is the best and you are my go to for new indicators and help on the ones I already own.
These testimonials may not be representative of the experience of other users or customers and do not guarantee future performance or success.
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