Paradox Algo

Introduction:

This indicator is a unique trading tool that brings a fresh approach to market analysis. It employs a proprietary method of interpreting Heiken Ashi candles from up to three higher timeframes, a feature not commonly found in other scripts.

How it Works:

This indicator analyzes the current open candle for the Heiken Ashi candle from the selected trend timeframe. It interprets a Heiken Ashi candle with one wick as a trending candle, indicating either an upward or downward trend. Conversely, a Heiken Ashi candle with two wicks is read as a ranging candle, signaling a no-trade zone.

The indicator displays a green circle at the bottom corner chart when there is currently an open Heiken Ashi candle with one wick at the top. A red circle is displayed at the bottom corner when there is currently an open Heiken Ashi candle with one wick at the bottom. A blue circle is displayed if the current open candle has two wicks (doji candle). Entry signals won't appear when an open HA candle with two wicks is on the primary time frame. Entry signals, whether it's to buy or sell, will only appear when there is a one-wick candle open on the primary time frame and secondary/tertiary if enabled.

The unique way we take advantage of Heiken Ashi is by selecting one time frame to trade on and identifying a trend from a primary timeframe larger than the one you will be using to trade. For example, if you want to trade the 5min chart, we change our chart to the 5min, then under the indicators settings, we would then select a higher time frame for the 'primary time frame'. In this case, we select '8 hours'. The indicator will now send entry signals when it detects the 8hr current open Heiken Ashi candle to have a one wick up or down. The indicator will then send entry signals if conditions meet between the time that 8hr open HA candle opens and closes which is an 8-hour time period. If you want more confirmation, that is when you enable the secondary or even the tertiary to enable more conditions for more conservative entry signals. Note that after you select your primary time frame in the settings, the indicator will only use the primary time frame to analyze the Heiken Ashi candles on a theoretical chart. It does not mean it's the chart you're using to trade. Once the conditions are met, then it allows for entry signals to appear on the actual time frame chart you are using to trade.

Features:

Confirmation Marks (▲): These signals help traders confirm a strong trend, providing entry points.

Exit Signals (⚪️): These marks suggest potential reversal points, indicating potential take-profit areas.

Candle Coloring: The indicator colors the candles Blue/Green/Red to visualize trends developing within candles between ranging & trending markets. Go to 'Plot Heiken Ashi Candles' under the settings.

Dashboard: Provides real-time trend metrics detected by the primary, secondary, and tertiary timeframes.

Alerts: Full Any Alert() Function Call Conditions are included.

Settings:

Trend Timeframes: Choose the timeframes that the indicator uses to analyze the Heiken Ashi candles to determine the market trend. The 'Enable' and 'Confirmation' features under the Timeframes settings play crucial roles in the Heiken Ashi trend interpretation formula.

Time & Session Filters: Customize your trading strategy by blocking out alerts & signals within specific days and/or market sessions.

Non-Repainting Mode: This feature allows the script to analyze the last closed Heiken Ashi candle/candles, instead of the current open one.

Usage:

To optimize the visualization of the Heiken Ashi candles displayed by the indicator, users need to adjust their chart settings. This involves going to the chart settings, navigating to the 'Symbol' tab, and unchecking the options for 'Body', 'Borders', and 'Wick'. Also, ensure that the candle settings are set to 'Regular'. This will ensure that the Heiken Ashi candles from the indicator are displayed prominently without any interference. The recommended way to use this indicator with trading is to wait for an entry signal to appear. Once you see a signal, you then enter on that candle. While looking to exit, it's best to pay attention when the circle's appears (red circle means indicating a time to close long trades & green circles means indicating a time to close short trades). Alternatively, using limit orders such as take profit & stop loss can also work well with this indicator.

Conclusion:

It's important to note that this indicator is a tool to aid your trading decisions, not a guarantee of success. Always use in conjunction with sound risk management strategies. Past performance is not indicative of future results. The inherent uncertainty of the markets means that the effectiveness of any strategy or tool can vary. If you have any questions or need further clarification on how to use this indicator, feel free to reach out. However, please do not use the comments section of the script to request access or ask for likes or follows. All such requests should be made privately.