The original forex robot. Locates huge trend trades by monitoring all 8 time frames at once.
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This is an image taken straight from the Meta Trader 4 platform. It depicts the "Heiken Ashi Smoothed" (HAS) indicator (on top) and the "MTF HAS Bar Lower A" and "MTF HAS Bar Lower B" (at bottom). This of course depicts an upward trend. The two MTF HAS Bar indicators actually overlap each other enabling the wick color of the HAS indicator to be seen as a red dot in the middle of a blue square or a blue dot in the middle of a red square.
The upper wick color always determines the color of the candlestick of the HAS indicator and the color of the MTF HAS Bars. The outside color of the MTF HAS Bar is the same as the wick color. It should be pointed out that the HAS indicator not only shows the direction of the trend, blue for up and red for down but also shows the change in volatility.
If you look closely to the wick and body of the HAS indicator you will notice that some candles have a different height and some wicks have a different wick height as well. This is the nature of the Heiken Ashi Smoothed indicator as it will exhibit these traits based on how strong or weak the price movement is.
The body of the candle is calculated from the open and the close price and the wick is calculated off of the high and the low of price. When the price moves strongly up or down the HAS candle will have a higher body. Conversely, when price moves weakly the candle body will shorten. The wick height will also lengthen or shorten based on market volatility.
The wick vs. body relationship is a great barometer to judge the changing in market sentiment or change in volatility. The higher the wick and shorter the body the more likely to see a change in direction of the market.
To understand the importance of first arriving at a sound theory before implementing and testing a trading program, we need to briefly review the characteristics of performance that indicate a robust method.
When testing a trend-following system we should expect that a trend of 100 days, compared with a trend of 50 days, will produce larger profits per trade, greater reliability, and proportionally fewer trades. As you increase the calculation period this pattern continues; when you reduce the calculation period this pattern reverses. You are prevented from using very short calculation intervals because slippage and commissions become too large; the longest periods are undesirable because of large equity swings. There must be a clear, profitable pattern when plotting returns per trade versus the average holding period.
Each time frame has a logical purpose and is said to be modeled after Gann's concept that the markets are essentially geometric. The shortest time frame is the one in which you will trade, in addition, there are two longer time frames to put each one into proper perspective.
The patterns common to time frames are easily compared with fractals; within each time frame is another time frame with very similar patterns, reacting in much the same way. You cannot have an hourly chart without a 15-minute chart, because the longer time period is composed of shorter periods; and, if the geometry holds, then characteristics that work in one time frame, such as support and resistance, should work in shorter and longer time frames. Within each time frame there are unique levels of support and resistance; when they converge, the chance of success is increased. The relationships between price levels and profit targets are woven with Fibonacci ratios and the principles of Gann.
One primary advantage of using multiple time frames is that you can see a pattern develop sooner. A trend that appears on a weekly chart could have been seen first on the daily chart. The same logic follows for other chart formations. Similarly, the application of patterns, such as support and resistance, is the same within each time frame. When a support line appears at about the same level in hourly, daily, and weekly charts, it gains importance.