I am hoping that a few people will give it a try and let me know their reaction -- bugs, suggestions, usability issues, etc. After giving it a bit to settle and fix any issues brought to my attention, I'll post it in the normal sharing location.
Enhancements are:
- Shadows can be colored to match what the plain candlestick color would be. Coloring is only displayed when the plain candlestick's color is different from the color of the HA candlestick. That is so that differences will be more obvious. You may find that the coloring helps indicate a weakening trend, or an impending trend reversal.
- Choice of how to plot the data. There are several reasons for providing this:
- It allows smoothing, to be applied to regular candlesticks as well.
- It allows easily changing back and forth, without losing your settings. This helps explore the differences. It can also be used in the real world to show the different indications given by plain and HA candlesticks.
- Heiken Ashi candlesticks -- obviously
- Plain candlesticks -- they present a different view
- Indicator line -- this is something folks have requested in the past. It allows plotting HA as a trend indicator without taking over your chart and showing nothing but HA. This can either be plotted on the main chart as a very low lag moving average, or else in an indicator panel.
- No display -- allows temporarily turning the HA plot off without losing your settings. One reason is to make it easy to do a quick check of your underlying chart.
- Choice of where to display the data -- you can display any of the display types either on the main chart or in an indicator panel.
- Smoothing -- you can choose whether or not to smoooth, and how long the smoothing period is. I could not find an official way to calculate a smoothed Heiken Ashi, but I did find a well-liked Meta Trader mq4 file that does it in the way I had already decided was intuitively obvious. It smooths the OHLC streams and then calculates normally, based on those smoothed values. That is what is currently implemented. If anyone knows of a better, or more official, way to do the smoothing, please let me know. Depending on what seems appropriate, I'll either change or else add it and give the user the choice of which to use.
Please give it a try and let me know your observations, whether a big deal to a trivial item, favorable or unfavorable.
My thanks to any who do try it and let me know,
EV
NOTE: this is a .cs file. Just copy it to My Documents\NinjaTrader 7\bin\Custom\Indicator and compile it.
EDIT: 1//3/11 -- attachment removed. Bug fixed version attached to a later posting. use that one.
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