Third Wave Heiken Ashi

The indicator searches for the third wave based on the Heiken Ashi values and marks its beginning with an arrow.

The arrow predicting the third wave is displayed on the extremes of the last closed bar (when a new bar opens) and is no longer redrawn.

Since bullish and bearish Heiken Ashi bars do not always correspond to the actual bullish and bearish candles, the indicator can show its values both on conventional background and in accepted form of Heiken Ashi. Screenshots 2 and 3 show the same chart segment in different display modes.

Main Settings

• Minimum of successive candles up to count the trend - the minimum number of bullish Heiken Ashi candles for counting the first wave.
• Minimum of successive candles down to count the trend - the minimum number of bearish Heiken Ashi candles for counting the first wave.
• Maximum of recoiling candles - the maximum number of Heiken Ashi candles in the opposite direction for counting the second wave.
• Filter1 - oscillator filter for reducing the number of false signals.
• Filter2 - trend filter for reducing the number of false signals.
• Aggressive filter - if false - screening filter.
• View as Heiken Ashi - display the indicator in the Heiken Ashi format.
• Size of arrows - size of the arrows from 0 to 3.

Colors of the Heiken Ashi candles are customizable.

It is possible to send email messages, Push notifications and sound alerts.