Here's my version (WizErgodic). It defaults to 5,30,5. Those are the settings I prefer. Pic attached showing why. Not flawless (nothing is). Enjoy!
P.S. I searched Indicators/Downloads and could not find this in either NinjaTrader 7 indicators or the Elite section. I believe I got it originally from NinjaTraders Support Forum and modified it to suit me.
After all, it's what you learn AFTER you know it all, that counts!
Last edited by TheWizard; November 19th, 2013 at 11:15 AM.
The following 6 users say Thank You to TheWizard for this post:
Just a note, this is not an Elite thread. Not sure if these indicators are Elite are not.
If they are, please link to them - do not attach.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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The following user says Thank You to Big Mike for this post:
Any suggestions on applying Heiken Ashi for Trend strength confirmation.....
I have been recently reading up on and watched a few videos on youtube on these candles, and they seem somewhat promising, as far as " Should I stay in this Long trade, even though it's coming up on a Resistance level, or should I take my profits or tighten my Stop " . The HA candles, when Long and showing upward strength, are stronger, when there are no lower whicks on the bodies of the HA candles, and vice versa for Short/Bearish candles on HA . On one of the videos I watched, the Trader mentioned that he will Exit a trade ( basing whether to continue staying in or not ) when say..... He's Long and 2 of the HA candles Close RED in a row. This is a topic that I have been looking for help and answers to, and I appreciate all feedback and insight on the topic - Michael
My testing finds them to be no different than any other indicator or bar type. Being as you are a trader with advanced experience I would suggest you keep doing what you're doing and not spend your time trying to learn what Heiken Ashi
Thank you MWinfrey for your response. I may just pull up a replica ( but with HA candles ) , next to my chart that I enter my trades from, using regular candlesticks, and do a comparison analysis , especially on the bigger move " Swing " trades that ocurr/ have occured on any given day, and see if within those swing moves, if any whicks were present on the HA, and if so, on such a strong move up or down, " Why " those whicks might have occured ( cross refrencing the two charts side by side...... Regular candlestick to HA candlestick chart ) , same Timeframes on both of course. Thanks again - Michael
The following user says Thank You to mdsvtr for this post:
20 period ema will keep you in a trade.
Nothing less than 30 tick stop on crude.
I tested stops and trailing stops on many automated strategies and found 35 tick trailing stop stayed in the trade the longest.
25 or less got hit too often.
35\70 stop \ target was the best balance of profit factor, drawdown and net profit. This applies to my strategies only, but I wound up with minimum of 35 tick for my style.
My advice is to use 30/30 ratio. Take 30 ticks and look for next opportunity.
20 ema is a good balance for getting you out before reversal and keeping you in a trade long term.
The following user says Thank You to shanemcdonald28 for this post: