Heiken Ashi Ribbon

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Added: Jul 6, 2024
This indicator is free to use on any of the available platforms
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NinjaTrader
NinjaTrader
Current Version: 1.0.0.2
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Overview
The Heiken Ashi Ribbon is a powerful trading tool that creates a strong ribbon that indicates market strength. This ribbon is created using four moving averages that use Heiken Ashi values (high, low, open and close) as its input values.

The ribbon will also be colored green, red or grey depending on whether or not its direction aligns with current market strength.




USAGE

The Heiken Ashi Ribbon is created using a series of four moving averages that uses values from the Heiken Ashi bars as its inputs. The user has the ability to select whether the moving averages are EMAs or SMAs, as well as the ability to control the period of the moving averages.

If the moving average calculated using the Heiken Ashi Open is below the moving average calculated using the Heiken Ashi Close, the ribbon will be colored green, indicating a bullish trend. If the moving average calculated using the Heiken Ashi Open is above the moving average calculated using the Heiken Ashi Open, the ribbon will be colored red, indicating a bearish trend.

This indicator also uses a series of hidden EMAs to determine market strength. If these EMAs do not align with the direction of the Heiken Ashi Ribbon, the Ribbon will instead be colored grey, indicating uncertainty in the market, as well as a possible reversal.

SETTINGS Configuration

• Moving Average Type: Determines whether or not the Heiken Ashi Moving Averages will be drawn as EMAs or SMAs.
• Moving Average Period: Determines the period of the Heiken Ashi Moving Averages.


Moving Average

• Moving Average Input: Determines the input values for the hidden EMAs.
Release Notes:
NinjaTrader - 1.0.0.2 Aug 15 2024
• Added ability to select border, bullish and bearish ribbon colors
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