HASHI ARROW Indicator

Highlights

📊 All Markets

💻 MetaTrader 4

🔓 Unlimited

🖍 Repainting

♻️ Assets: All (tested on 3 pairs)

⏰ Timeframes: Any (tested on M5 with Expiry 5 min)

🤖 Test other pairs and expirations with iBOTxBO Pro

Description

HASHI ARROW Indicator is a buy sell arrow indicator which draws arrows on a chart to indicate direction of a trade, considering overall trend of the market. The indicator has pre-alert and main alert. Its arrows are buffered, so you can use it in auto-trading. The strategy suggests for the entry to be taken immediately when the main alert arrow pops up. 

Originally HASHI ARROW Indicator was designed for Binary Options trading but you can also try it on Forex on M15 or higher timeframes.

The algorithm behind the arrows is based on Heiken Ashi candle price action pattern and trend indicator.

In the uptrend, when the price forms a bull candle (A) with long top and bottom wicks and the next bull candle (B) entirely engulfs the top wick of candle A, that would be a setup for the indicator to issue pre-alert buy signal. On the following candle (C), if the pattern is confirmed, the indicator will issue main alert signal. The buy trade is to be taken at the opening of the candle C. The strategy suggests one candle expiry.

The same principle applies to sell trades. In the downtrend, when the price forms a bear candle (D) with long top and bottom wicks and the next bear candle (E) entirely engulfs the bottom wick of candle D, that would be a setup for the indicator to issue pre-alert sell signal. On the following candle (F), if the pattern is confirmed, the indicator will issue main alert signal. The sell trade is to be taken at the opening of the candle F. Expiry is one candle.

Settings

In the settings of HASHI ARROW Indicator you can choose to apply the above setup to either Heiken Ashi Candles or Regular Candles (CommonBar). On the chart you will always see regular candles only. Other settings like candle body size and wick size can also be changed.

Simulated Forward Test

As HASHI ARROW Indicator repaints its historical signals we had to run a Simulated Forward Test with the help of iBOTxBO Pro in order to establish the accuracy of indicator signals. Testing period was 3 months (Aug – Nov 2022), M5 timeframe, expiry 1 bar.

The test results are shown on images below. On the right, there is info box with grand total of trades, broken down by direction of trade, wins and losses, as well as a winrate for all trades when trading 24 hours a day. On the left, you see statistics for the best trading hours during the tested 3-month period. WR stands for winrate.

Video Review

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