MT4 Heiken Ashi + EMA Indicator (Scanner)
Heiken Ashi + EMA Indicator combines smoothed price structure with moving average analysis to identify trend conditions across multiple assets and timeframes. The scanner-based dashboard highlights detected bullish and bearish technical conditions in a structured format, allowing traders to monitor market activity and evaluate trend alignment within a unified analytical view.
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What the Heiken Ashi + EMA Indicator (Scanner) Does
The indicator is based on a technical approach that combines Heiken Ashi candlesticks 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 together with Heiken Ashi helps 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 available in the MetaTrader 4 (MT4) trading terminal for defined technical conditions. The indicator contains a dashboard on which all information about the current status of detected conditions across monitored instruments is presented. The transition to a detected condition 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 allows you 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 an alerts function for registered conditions. Its settings allow you to turn notifications on or off and choose between email and / or mobile notifications.
How to Interpret and Use the Heiken Ashi + EMA Indicator
EMA (9) Crosses Above EMA (18)
A bullish visual marker appears when price moves up and EMA (9) crosses EMA (18) from below, a bearish Heiken Ashi candlestick then touches the EMA line(s), and the first bullish candlestick forms after it. This may be interpreted as a bullish technical condition.
EMA (9) Crosses Below EMA (18)
A bearish visual marker appears when price moves down and EMA (9) crosses EMA (18) from above, a bullish Heiken Ashi candlestick then touches the EMA line(s), and the first bearish candlestick forms after it. 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.
Multi-Asset Monitoring with the Dashboard
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 number of bars back at which the condition was detected.
The color of the cell indicates the directional context of the detected condition (bullish — green, bearish — red), and color saturation decreases as the number of bars since the condition was detected increases.
Clicking on the corresponding cell will change your chart to the instrument and timeframe of the selected cell.
Indicator Settings & Parameters
The indicator has the following parameters.
| Parameter | Description |
|---|---|
| Scanner | |
| assets | Selection of assets to monitor. |
| enable_M1 – enable_MN | Include or exclude timeframes, from a minute to a month, from the scanner scope. |
| 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. |
| Alerts | |
| enable_alert | Enables or disables alerts. |
| enable_email | Allows you to send email alerts. |
| enable_mobile | Allows you to send alerts to your mobile device. |
| Moving Averages | |
| Fast / Slow indicator setting | Changing the parameters of moving averages: period, averaging method and the type of price used for calculations (CLOSE, OPEN, HIGH, LOW and others).
|
System Requirements & Installation
What you need to run the indicator, how to download and install it in MetaTrader 4, and how the license works.
System Requirements
- Platform
- MetaTrader 4 (Desktop)
- Operating system
- Windows 10 or Windows 11
- Instruments
- Forex pairs, metals, indices, CFDs and other symbols available from your broker in MetaTrader 4
- Data
- Your broker’s price feed in MetaTrader 4
Not available on MetaTrader 4 Web or Mobile. Custom indicators run in the MetaTrader 4 desktop terminal only.
License Terms
- Lifetime License
- This indicator only, 1 live and 1 demo account, one-time payment, free updates included.
- All-Access Subscription
- All indicators and trade copiers, billed monthly, cancel anytime, updates included while the subscription is active.
- Free trial
- 5 days on the subscription plan. If not cancelled, the subscription starts automatically.
- License binding
- Linked to your email and to your MetaTrader 4 trading accounts: one live account and one demo account.
- Computers
- Not restricted. The license is linked to your trading accounts, not to a specific computer.
Installation
- Get access
Start the free trial, subscribe, or buy a lifetime license on this page.
- Download
The indicator is not sent by email. Open (top right of this page) and enter the email you used for your trial, subscription or purchase. The indicator file (.ex4) downloads to your computer.
- Copy to the MetaTrader 4 data folder
In MetaTrader 4, go to
File → Open Data Folder, openMQL4 → Indicatorsand copy the downloaded .ex4 file there. - Add to a chart
Restart MetaTrader 4 or right-click Indicators in the Navigator window and select Refresh. Then drag the indicator from the Navigator onto a chart.
- Activate the license
In the indicator inputs, enter the same email. On first activation, the license is linked to that email and to the trading account the terminal is logged into.
If MetaTrader 4 asks for additional permissions when the indicator is attached, such as DLL imports or WebRequest access, allow them in the indicator’s Common tab or under
Tools → Options → Expert Advisors.
Updating: When a new version is released, download it again through and replace the existing .ex4 file in the same folder.
Installation questions? Contact support, Monday to Friday.
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Disclaimer — Software Use & Risk Disclosure
Nordman Algorithms is a trade name of Nordman Algorithms OÜ (Reg. No. 14435535), registered in Tallinn, Estonia.
Software Use
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.
Read the full Terms of Service →Risk Disclosure
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. An investor could potentially lose all or more than the initial amount committed.
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. Simulated results are also subject to the benefit of hindsight. No representation is being made that any account will achieve profits or losses similar to those shown.
Read the full Risk Disclosure →Trademark Notice — MetaTrader 4 and MT4 are trademarks of MetaQuotes Ltd. Nordman Algorithms is an independent software developer and is not affiliated with, sponsored by, or endorsed by MetaQuotes Ltd. References to MetaTrader 4 identify software compatibility.
Need a different setup?
We can customize this indicator to your requirements: add new features, change the calculation logic, or combine several tools into a single solution. We also build Expert Advisors on your own logic, with configurable modules such as dynamic risk parameters, multi-stage trailing stops and additional confirmation filters.
Every project is delivered with full source code and post-delivery support. Fixed-price quote before development begins.
