HAS Indicator
February 9, 2009 by hyiperz
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Consider this method another tool in your toolbox that you can use if markets have:
1. Trended strong already and you came in late with no entries available.
2. Markets are ranging and you want to scalp the market noise.
3. You prefer to take pieces of the market and book profits without risking the entire trade to a severe movement in the opposite direction.
Here are the rules this method
What we want to accomplish is a method that buys on dips and sells on rallies. The most important factor to take in consideration is if you are in a trend up or down and if that trend is not too weak or over extended. That is key!
Once identified the next challenge is to find a method that get you in on a dip or minor correction when long without that dip being the beginning of a new opposite trend in this case a short. This will be the hardest hurtle to jump over to be successful. The reason is if you take that entry (dip or correction or backfill) and you go long and the move turned out to be the end of a long trend you will suffer a loss and it’s my job to get you out of that loss without much damage to your overall profit from all trades of this method.
Same thing applies to shorting the market. Just read and understand the above and reverse your thinking. I don’t want to re-type everything again in reverse.
So to re-cap so far we are going to look at a trend already in force either up trending or down and find a way to scalp, if I may, the noise or backfills the market is making. Remember for you newbie’s that the market does not move in linear directions. It is constantly moving up and down like a staircase. Like a saw blade or stairs. It’s this very phenomenon that we as traders will look for and profit from handsomely.
If the market trends up it will be sold and the price will come down. For you techs we all know about fib levels, resistance & support, consolidation & distribution and just humans take profit or buying at low price opportunities which cause the market to fluctuate.
You need to load on your platform three indictors:
1. Heiken_Ashi_Smoothed
1a Input setting are: 2-6-3-2
1b Colors are: Red, blue, red, blue.
1c. Width is: 1,1,3,3
1d. Style is: 0,0,0,0
2. 4 TF HAS Bar
2a Input settings are: 2-6-3-2… 1.0
2b Colors are: Red, blue, red, blue, red, blue, red, blue
2c Width is: 0,0,0,0,0,0,0,0
2d Style is: 0,0,0,0,0,0,0,0
2e Level style is: Silver
3. 4 TF HAS Bar2
3a Input settings are: 2-6-3-2-0 Blue,Red, Black
3b Colors are: Blue, red, blue, red, blue, red, blue, red
3c Width is: 0,0,0,0,0,0,0,0
3d Style is: 0,0,0,0,0,0,0,0
3e Level style is: Silver
You need to set your price chart on “Line charts” (candlesticks will work too) but I prefer line charts since we are dealing with closing prices only ans candles with clutter up the chart.
So now you have your charts set-up with the three (3) indicators and you have your pricing set to “Line charts”. Let’s continue……
1. You choose a TF of your choice, let’s use 5M. We want to go long in this example. By default you will have the MTF HAS indicator **Thanks to the authors of this** display four timeframes off to the right side of the indicator. They will read 5M, 15M, 30M & 1Hr. You can also confirm TF’s just over the indicator itself which helps if you can’t see the right side of your screen for whatever reason.
You will see those 4 TF’s repeated twice since there are two indicators overlapping each other. Thanks to 4xMaster for his help with a modification to this indicator and programming the EA !
1. Back to the 5M TF. You look for the price by way of the “Line Chart” to rest of penetrate the blue HAS candle. Once found you look below to see if the 5M bar the corresponds with that closing price is “blue” or a “red dot in the middle of a blue bar”. Both are acceptable. I will explain the latter later. Hey say that 10 times fast.
If the 5M bar is blue take the next step:
2. Look at the next row above which is the 15M TF. If the bar directly above the 5M bar is also blue you take the trade long. You don’t mind taking this trade on a down closed candle since this is a minor sell of or correction and you are actually seeking this. The best entry is for the closed price to rest right on the HAS candle.
2a. You don’t want or need confirmation to pull the trigger to go long. You just enter the trade on the opening of the next 5M bar. Close your eyes and just go long. Don’t wait for any opening confirmation like conventional wisdom
might suggest such as; the high exceeds the previous high, or an up closed candle etc etc. If you do you will loose precious pips waiting for some up movement.
Some fine points for a successful trade
1. Here are some observations to keep in mind that will help assure you are in a good trending move which is detrimental to the success of the trade moving higher before the inevitable over exhausted trend.
1a Consider only going long on the 5M if the 30M (two rows above) are also blue.
1b Consider the 1hr row as well being blue since it has an effect too.
1c The 15M row has to be blue with NO exceptions
1d The 30M row if blue has a less effect on the trade as compared to the 15M row but keep this in mind. The 30M row being blue helps the 15M row continue to stay blue.
1e The 1hr row has even a less over effect or importance but it too keeps the 30M from weaking to some minor degree.
If you don’t understand this you need to get some books on multiple timeframes. Martin Pring has a good one out.
Creator of this forex indicators : steinitz
Filed under: Forex Indicators
Tagged: forex indicator, Forex Indicators, has, has forex, has forex indicator, has forex indicators, metatrader indicator, metatrader indicators, steinitz, steinitz forex, steinitz indicator
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I was looking for the KG trend indicator to work and came across this website - thanks to Google - and downloaded and tried on my demo account. I hardly ever have earned pips and it was a very different experience to gain. Thanks for your generosity to share your hard work with me and keep it up.
Thanks…. for this post!