Dōteki Heikin Ashi (Dynamic Average Feet/Bar) - MetaTrader 4 script

The standard Luping Gold candle indicates that there is an opening value equivalent to the Exponential Moving Average (EMA) of the total price , where the value of alpha EMA is fixed at 0.5 (equivalent to the EMA 3.0 period).

In this dynamic version, the periods can be changed to any value one wishes to use, which also allows one to do approximate multi-timeframe analysis, or use low or high values ​​as a kind of trailing stop. A true cross closing price above the Luping Gold opening price can also be used as a signal for a change in trend direction.

Additionally, in addition to the standard EMA , this version also has the option of using an almost zero-lag EMA instead, which allows for faster detection of changes in trend direction, especially when using longer time averages.

When attaching the indicator to a chart, you also have the option to automatically switch the chart to line chart mode and optionally hide the true closing prices from the line chart , however, without it you will not be able to see the cross signal between the true closing prices and the Lupingjin opening values.

Please also note that the code can be compiled for both MQL4 or MQL5 simply by changing the file extension (".mq4" or ".mq5"). Hopefully, time permitting, I will update this version and add additional features in the future.

Please note that the source code for all my codebase publications is now also available in the "Public Projects" tab with the meta-editor name "FMIC".

Attachment download

📎 doteki_heikin_ashi.mq4 (23.43 KB)

Source: MQL5 #22765