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.
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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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