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Technical analysis using Heiken Ashi Stochastic: To catch a trend, use a HASTOC

Smita Roy Trivedi

International Journal of Finance & Economics, 2022, vol. 27, issue 2, 1836-1847

Abstract: The study develops a new technical analysis indicator, HASTOC, which reflects in a single number the likelihood of trend generation and momentum in the market. The indicator is developed using the basic characteristics of the Japanese Heiken Ashi (HA) candles. We backtest strategies using HA and HASTOC for three currencies, one index and one stock for three major time frames in each market and find that the strategies give consistent positive returns for select time frames and markets. The contribution of this study extends to the practical trading scenario and literature on technical analysis.

Date: 2022
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Handle: RePEc:wly:ijfiec:v:27:y:2022:i:2:p:1836-1847