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TASC 2008-12 | Heikin-Ashi Candlestick Oscillator (HACO) (Vervoort)


Traders' Tip text

In December 2008 issue of the TASC magazine, Sylvain Vervoort guides us step by step in an entertaining tutorial of building a customized candlestick oscillator. Utilizing the Heikin-Ashi chart's consistency, it provides an overlay tool that allows for some discretion to help holding onto a profitable trade.


Figure 1. Here is how HACO was signaling about a downtrend in Euro in Summer'2008.

The Heikin-Ashi Candlestick Oscillator (HACO), as presented by its author in this issue, is available to Wealth-Lab Developer/Pro 6 users. To power your chart analysis with HACO, just select «Extension Manager» from the Tools menu to update TASC Indicators library (open source).

Strategy Code

using System;
using System.Collections.Generic;
using System.Text;
using System.Drawing;
using WealthLab;
using WealthLab.Indicators;
using TASCIndicators;

namespace WealthLab.Strategies { public class HACO_Demo : WealthScript { // Create slider parameters private StrategyParameter TemaPeriod; private StrategyParameter timeoutPeriod; public HACO_Demo() { TemaPeriod = CreateParameter("TEMA Period", 34, 10, 120, 1); timeoutPeriod = CreateParameter("Timeout", 2, 1, 3, 1); } protected override void Execute() { // Plot HACO

int period = TemaPeriod.ValueInt; HACO haco = HACO.Series( Bars, period, timeoutPeriod.ValueInt ); ChartPane hacoPane = CreatePane( 20, true, true ); PlotSeries( hacoPane, haco, Color.BlueViolet, LineStyle.Solid, 2 ); HideVolume(); for(int bar = period*3; bar < Bars.Count; bar++) { if ( haco[bar] == 1 ) { SetBarColor( bar, Color.FromArgb( 130, Color.Green ) ); SetBackgroundColor( bar, Color.FromArgb( 50, Color.Green ) ); } else if ( haco[bar] < 1 ) { SetBarColor( bar, Color.FromArgb( 130, Color.Red ) ); SetBackgroundColor( bar, Color.FromArgb( 50, Color.Red ) ); } } } } }

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