Heiken Ashi Pending Order EA v1.0 MT4 is a type of Expert Advisor (EA) designed for use in MetaTrader 4 (MT4). It typically utilizes the Heiken Ashi indicator to execute pending orders based on the trend signals provided by Heiken Ashi candles. The Heiken Ashi candles are a modified version of standard candlesticks and can help smooth out price action, making trends easier to identify.

Key Features of a Heiken Ashi Pending Order EA:

1. Pending Orders: The EA would place pending orders (Buy Stop, Sell Stop, Buy Limit, Sell Limit) based on Heiken Ashi signals. For instance, a Buy Stop could be placed when a bullish Heiken Ashi candle forms, and a Sell Stop could be placed when a bearish Heiken Ashi candle appears.
2. Signal Confirmation: The EA might wait for a certain number of consecutive Heiken Ashi candles (confirming trend strength) before placing a pending order.
3. Time Filtering: The EA could include a time filter, where trades are only placed during specific trading hours (such as when the market is most active).
4. Risk Management: It might allow you to define risk parameters, such as setting stop losses, take profits, and adjusting the lot size according to your risk tolerance.
5. Customizable Settings: Settings for timeframes, Heiken Ashi candle pattern recognition, and the distance from the current price for placing pending orders are usually customizable.

Key Aspects of the Code:

• Heiken Ashi Close: The code calculates the Heiken Ashi close using a simple formula that takes into account open, close, high, and low prices.
• Pending Orders: If the last Heiken Ashi candle’s close is higher than the previous one, the EA will place a Buy Stop pending order. Conversely, if the last close is lower than the previous one, it will place a Sell Stop pending order.
• OrderSend Function: This function sends the pending orders to the broker.

Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.

What’s in the package?

Experts:

• Heiken Ashi Pending Order EA v1.0 MT4.ex4

Indicators

• Heikin Ashi.ex4

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