The indicator is based on a trading strategy that uses a combination of Heiken Ashi indicators and two exponential moving averages – EMA (9) and EMA (18).
The Heiken Ashi candlestick chart uses averaged price values to filter out market noise by smoothing out large or small price fluctuations.
This smoothing reduces short-term noise and presents trend direction in a more structured and readable form.
The Exponential Moving Average (EMA) is one of the basic technical analysis indicators for identifying and confirming the prevailing trend. Using EMA, as well as Heiken Ashi, allows to reduce the impact of market noise and price fluctuations.
The use of indicators in such a combination adds a mutual confirmation layer — conditions are registered only when both components align, which reduces the frequency of low-context readings.
The indicator is implemented as a scanner that monitors all symbols and timeframes for defined technical conditions available in the MetaTrader 4 (MT4) trading terminal. The indicator contains a dashboard on which all information about the current status of detected conditions across monitored instruments is presented. The transition to the detected signal is carried out in one click, after which the chart is automatically updated without the need to open it in a new window.
The indicator provides a setting for moving averages (MA), which provides an opportunity to change the Fast and Slow MA periods in accordance with individual preferences, as well as the methods of their calculation (EMA, SMA, SMMA and LWMA).
The indicator contains the alerts function for the found signals. The settings of the feature allow to turn on / off notifications and choose between email and / or mobile notifications.
A bullish visual marker appears when the price moves up, the EMA (9) crosses the EMA (18) from the bottom up, then the bearish Heiken Ashi candlestick should touch the EMA line (s), then after the first formed bullish candlestick, this may be interpreted as a bullish technical condition.
A bearish visual marker appears when the price moves down, the EMA (9) crosses the EMA (18) from top to bottom, then the bullish Heiken Ashi candlestick should touch the EMA line (s), then after the first formed bearish candlestick, this may be interpreted as a bearish technical condition.
Limitations of Heiken Ashi + EMA Analysis
Heiken Ashi and moving average-based analysis relies on historical price data and smoothing techniques. It does not predict future price movement and should be used as part of a broader analytical framework that considers overall market structure and conditions.
The dashboard displays the current status of detected technical conditions across monitored instruments and timeframes.
The cell of the asset / timeframe contains information about the detected directional condition (bullish or bearish) and the serial number of the bar (the number of bars back) on which the signal was detected.
The color of the cell indicates the directional context of the detected condition (bullish – green, bearish – red) and changes the saturation of the main color depending on how much the distance of the bars from the last bar on which the signal was detected increases.
Clicking on the corresponding cell will change your chart to the instrument and timeframe of the selected cell.
The indicator has the following parameters:
assets – selection of assets to search for signals.
enable_M1 – enable_MN – include / exclude timeframes (from a minute to a month) to search for signals via them.
max_bars – the maximum number of bars back within which the scanner evaluates conditions. The parameter limits the number of calculations to speed up the indicator.
enable_alert – the option enables / disables alerts.
enable_email – allows you to send email alerts.
enable_mobile – allows you to send alerts to your mobile device.
Fast / Slow indicator setting – changing the parameters of moving averages: period, averaging method (EMA, SMA, SMMA and LWMA) and the type of price used for calculations (CLOSE, OPEN, HIGH, LOW and others).
We can customize this indicator to your requirements by adding new features, modifying calculation logic, or combining multiple tools into a unified solution.
We also develop automated trading strategies (Expert Advisors) based on custom logic. The system can include configurable management modules such as dynamic risk parameters, multi-stage trailing stops, additional confirmation filters, and other custom functionality based on your specifications.
The final solution is delivered with full source code and post-delivery support. Contact us for a free consultation to discuss the scope and timeline of your project.
We are committed to the ongoing development and refinement of our indicators. If you’ve spotted a bug, feel that something essential is missing, or have ideas that could make the indicator even better, just send us a message. Your feedback helps us improve and deliver tools that truly meet traders’ needs.
Nordman Algorithms is a trade name of Nordman Algorithms OÜ (Reg. No. 14435535), registered in Tallinn, Estonia.
Software Nature & User Responsibility — Nordman Algorithms provides algorithmic software tools for technical analysis. Nordman Algorithms is not a financial advisor and is not liable for any losses. All trades conducted based on the software’s output are executed at the user’s sole discretion and risk.
Visual Markers & Signal Disclosure — This software may display visual markers (such as arrows, dots, or alerts) when predefined mathematical conditions are met. These markers are provided for educational and analytical purposes only, must not be interpreted as financial guidance, and do not constitute a recommendation to buy, sell, or hold any financial instrument. Users must independently validate all visual cues within their own trading methodology.
No Financial Advice — Nordman Algorithms does not provide discretionary trading signals, investment advice, or managed signal services. Our software represents a mathematical visualization of historical and real-time data. The appearance of a visual marker does not guarantee a profitable trade or predict future market behavior.
Trading Risk Warning — Futures, Forex, and options trading involve significant risk. Risk capital is money that can be lost without jeopardizing financial security. Only risk capital should be used for trading. Past performance is not indicative of future results. View Full Risk Disclosure: https://www.nordman-algorithms.com/risk-disclosure/
ESMA Risk Warning — Financial instruments, especially those involving leverage such as CFDs and Forex, are complex and carry a high risk of rapid financial loss. Our software provides analytical outputs and visual markers based on predefined mathematical conditions and does not mitigate or reduce inherent market risks. You should carefully consider whether you understand how leveraged financial instruments work and whether you can afford the high risk of losing your capital.
CFTC Rule 4.41 — Hypothetical or simulated performance results have inherent limitations. Unlike actual performance records, simulated results do not represent real trading. Because trades have not actually been executed, these results may under- or over-compensate for the impact of market factors such as liquidity. No representation is being made that any account will achieve profits or losses similar to those shown.
