The Heiken Ashi Doji Indicator MT4 is a custom Indicator that highlights the Doji candlesticks within the Heiken Ashi candlesticks forming on the price charts.
This Indicator signals whenever there is a Doji candlestick formed.
As you might know, a Doji candlestick represents indecision in the market.
They can at times behave like a continuation pattern when they appear in the middle of the trend or a reversal pattern when they appear near the top or bottom end of the rally.
Heiken Ashi Doji Indicator: When Should You Go Long?
When to go long using the Heiken Ashi Doji Indicator?
Wait for the uptrend to be strong in the price chart. Following this, wait for the Heiken Ashi Doji candlestick to appear.
This is in the yellow color.
Following this, wait for the next candlestick to be bullish or white.
Open a long position on the next candlestick that appears.
When to exit your Long positions?
Exit the long position depending on the risk to reward set up.
Alternately, you can just trail your stops by placing your stops near the lows of the previous candlestick so that you can reap the maximum benefit when there is a strong trend.
Heiken Ashi Doji Indicator: When Should You Go Short?
When to go short using the Heiken Ashi Doji Indicator?
Wait for the Doji candlestick to be plotted on the chart and then we should see a bearish candlestick after then.
Go short at the open of the next (the third candlestick).
When to exit your short positions?
You can exit short positions by using a fixed risk reward set up or by trailing your stops to the previous candlestick’s high.
Where to set the stop loss?
Stop-loss should be set near the high or the low of the previous candlestick after you enter the appropriate position.
Conclusion
The Heiken Ashi Doji candlestick pattern is very simple to use and can be used as a scalping strategy or a way to confirm the continuation or reversal of trends in the price chart.
How to Increase Your Winning Ratio with the Heiken Ashi Doji Indicator MT4?
When you add the Heiken Ashi Doji Indicator and use it together with a proven trend trading system like the Elite Swing Trader or Simple Trend Trading System, you can only expect to achieve a better win ratio and better risk-reward ratio.
Recommended Time Frames
Technically speaking, you can use this MT4 indicator for all time frames.
However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly.
We recommend that you use higher time frames like the H4 or even higher for better consistency.
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