The indicator uses analysis of values of Heiken Ashi Open and Heiken Ashi Close.

Candlestick opening and closing values are calculated by Heiken Ashi algorithm, their directions are determined and only these directions of Heiken Ashi candlesticks are drawn on a price chart as colored bars.

If the direction of trend of the Heicken Ashi candlesticks and of chart candlesticks match, the color of the bar is light, if opposite, the bar is dark.

Figure 1. The Heiken_Ashi_BARS indicator