The13thWarrior: Heikin-Ashi Candles with OBV and DMI Filters
Summary
The13thWarrior is a configurable chart indicator intended for short-term trading. It derives Heikin-Ashi-style open and close values, then colors candles green when the close is above the open and OBV is above its moving average, or red when both conditions point downward. A background tint marks positive or negative directional movement. Optional Bollinger bands and a central average are calculated from the Heikin-Ashi close.
The document supplies indicator code and default parameter settings, but gives no trading rules for entries or exits, backtest, or performance evidence. It presents the display as useful for scalping while also saying it can be used more broadly; that claim is not supported with results. The indicator combines price, volume-based OBV, directional movement, and volatility bands, so users would need to assess its behavior on their chosen instrument and timeframe before treating its colors as actionable signals.
Key ideas
- Candle colors combine Heikin-Ashi direction with OBV relative to its average.
- Background color reflects whether the directional movement reading is positive or negative.
- Optional Bollinger bands and an average are based on the Heikin-Ashi close.
- The indicator is configurable, but the document reports no backtest or evidence of trading performance.
- Its visual signals do not define complete entry, exit, or risk rules.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.