OPEN-SOURCE SCRIPT
Heikin Line - TB365
Heikin Line - An Enhanced Smoothed Heiken Ashi Overlay
Built on the foundation of TheBacktestGuy’s Smoothed Heiken Ashi indicator, Heikin Line takes trend analysis to the next level with versatile enhancements and adaptable settings.
This indicator offers selectable moving averages both before and after Heiken Ashi (HA) calculation, adding an additional layer of smoothness to traditional HA candles.
Key Features:
Improvements:
Built on the foundation of TheBacktestGuy’s Smoothed Heiken Ashi indicator, Heikin Line takes trend analysis to the next level with versatile enhancements and adaptable settings.
This indicator offers selectable moving averages both before and after Heiken Ashi (HA) calculation, adding an additional layer of smoothness to traditional HA candles.
Key Features:
- Trend Identification: Detects short and long-term trend directions with greater clarity.
- Dynamic Support and Resistance: Not limited to a single line, Heikin Line creates a dynamic support/resistance zone, offering a visual “height” that adjusts with market shifts.
- Trailing Stop: Effective as a trailing stop for enhanced risk management.
- Trend Reversal Detection: Quickly identifies potential reversals when price crosses above or below the Heiken Ashi candle.
Improvements:
- Trend Strength Visualization: Uses a cord-like appearance to reflect trend strength, making it easier to spot strong or weak trends.
- Quick Reversal Detection: Enhanced responsiveness to detect rapid market reversals.
- Easy Integration: Seamlessly combines with other indicators for a comprehensive trading setup.
- With numerous moving average options, Heikin Line is adjustable to suit various market conditions and trading styles. Additionally, it leverages my TAExt library, so you can use it within your own strategies for added versatility.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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