Heikin Ashi Trend
August 20, 2018, 8:17 AM
Screeners
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This indicator is based heavily on Nicolas’ work on Bullish and Bearish Heiken Ashi screener and should only be considered an add-on.
I sometimes use this Heikin Ashi Trend screener to find trending assets for possible trend continuation trades. The indicator counts how many green/red candles the asset has accrued in the current cycle. You can add bull-trending assets (high value positive Strength criteria) and bear-trending (low value negative Strength criteria) to a watchlist. You then watch these assets for pullbacks to find trend continuation trades, using like Nicolas’ Bullish and Bearish Heiken Ashi screener above.
ONCE Bull = 0
ONCE Bear = 0
ONCE xOpen = 0
xClose = (Open+High+Low+Close)/4
if(barindex>2) then
xOpen = (xOpen[1] + xClose[1])/2
endif
c1 = xClose>xOpen
c2 = xClose<xOpen
IF c1 THEN
Bear = 0
Bull = Bull + 1
ELSIF c2 THEN
Bull = 0
Bear = Bear - 1
ELSE // IF xClose and xOpen are exactly the same value
Bull = 0
Bear = 0
ENDIF
Grade = Bull + Bear
SCREENER[c1 OR c2](Grade AS "Strength")
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Filename:
HA-Trend.itf
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404
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Filename:
Strength-Bull-count.png
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127
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Filename:
Strength-Bear.png
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198
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Filename:
Strength-Bull.png
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