mattzab

Heikin Chaikin Oscillator by mattzab

WHAT
Chaikin Oscillator , with the addition of cross symbols to indicate a confirmed positive cross; above zero line.
This is meant to be used with Heikin Ashi candles.

WHY
I made this script to confirm a buy point. Often times the MACD will cross positive, with blue HA candles, and it trends sideways and doesn't actually run. Or it runs but only after several stressful down days.

When you have a positive MACD and a positive Heikin Chaikin Oscillator signal, you're much more likely to have a good run. This'll save you from buying early blue candles, only to ride down a few red ones, only to come back up with blue again. Just buy the second blue.

HOW
So basically, use this for swing trading, in the 1D view, along with a MACD , and only with Heikin Ashi Candlesticks . If your MACD is positive, or about to be positive, only buy if you also have a positive cross on this indicator as well.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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