Heiken Ashi zero lag EMA v1.1 by JustUncleL

I originally wrote this script earlier this year for my own use. This released version is an updated version of my original idea based on more recent script ideas. As always with my Alert scripts please do not trade the CALL/PUT indicators blindly, always analyse each position carefully. Always test indicator in DEMO mode first to see if it profitable for your trading style.

This Alert indicator utilizes the Heiken Ashi with non lag EMA was a scalping and intraday trading system
that has been adapted also for trading with binary options high/low. There is also included
filtering on MACD direction and trend direction as indicated by two MA: smoothed MA (11) and EMA (89).
The the Heiken Ashi candles are great as price action trending indicator, they shows smooth strong
and clear price fluctuations.

Financial Markets: any.
Optimsed settings for 1 min, 5 min and 15 min Time Frame;
Expiry time for Binary options High/Low 3-6 candles.

Indicators used in calculations:
- Exponential moving average , period 89
- Smoothed moving average , period 11
- Non lag EMA , period 20
- MACD 2 colour (13,26,9)

Generate Alerts use the following Trading Rules
Heiken Ashi with non lag dot
Trade only in direction of the trend.
UP trend moving average 11 period is above Exponential moving average 89 period,
Doun trend moving average 11 period is below Exponential moving average 89 period,

CALL Arrow appears when:
Trend UP SMA11>EMA89 (optionally disabled),
Non lag MA blue dot and blue background.
Heike ashi green color.
MACD 2 Colour histogram green bars (optional disabled).

PUT Arrow appears when:
Trend UP SMA11<EMA89 (optionally disabled),
Heike ashi red color.
Non lag MA red dot and red background.
MACD 2 colour histogram red bars (optionally disabled).

- Good positions occur when MACD crosses the Zero line.
- Switch between Heikin Ashi and Normal candles as part of your analysis of the price action.
- Large Heikin Ashi candles with small wicks in direction of trend are good strong trends.
Release Notes: Update 1.2
  • Added extra Alerts.
  • Added optional Arrows for ZEMA direction change alerts.
  • Updated to version3 Pinescript.
  • Replace ZEMA calculation with more accurate formula.

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