Safe Hull Moving Average Indicator for ThinkorSwim

[BenTen]

This study defines trend and momentum by taking the Hull Average Of The MACD.

Using the MACD Hull Moving Average (HMA) filters out noise and allows the identification of broader market trend.

Blue confirms bullish trend and momentum
Red confirms bearish
Orange == trend and momentum cannot be confirmed.

This approach can help to reduce the number of false signals and improve the overall accuracy of trading decisions.

thinkScript Code

input price = close;
input length = 100;
input displace = 0;

input FastLength = 180;
input SlowLength = 208;
input MACDLength = 72;

input AverageType = {SMA, default EMA};

def macd = MACD(FastLength, SlowLength, MACDLength, AverageType).Diff;

def halflength = Ceil(length / 2);
def sqrtlength = Ceil(Sqrt(length));
def val = 2 * wma(price, halflength) - wma(price, length);

plot HMA = wma(val, sqrtlength)[-displace];
HMA.SetDefaultColor(GetColor(1));

HMA.SetLineWeight(2);
HMA.DefineColor("UP", Color.BLUE);
HMA.DefineColor("DOWN", Color.RED);
HMA.DefineColor("NEUTRAL", Color.ORANGE);

def isUP;
def isDOWN;
def isNEUTRAL;

if HMA > HMA[1] and macd >= 0 then {
    isUP = yes;
    isDOWN = no;
    isNEUTRAL = no;
} else {
    if HMA < HMA[1] and macd <= 0 then {
        isUP = no;
        isDOWN = yes;
        isNEUTRAL = no;
    } else {
        isUP = no;
        isDOWN = no;
        isNEUTRAL = yes;
    }
}

HMA.AssignValueColor(if isUP then HMA.color("UP") else if isDOWN then HMA.color("DOWN") else HMA.color("NEUTRAL"));

Shareable Script

https://tos.mx/nbwaBU

 

[RDMercer]

question: is this updated and what time period do you recommend? I read different from 9,20,50,105. also what timeframe?

No dog in this fight but there are articles on the web re strengths of various moving average studies. Hull is not ranked that high and, in fact, the old standbys of MACD, and 50/100/200 crossovers produced better results. Just an FYI. and sure you'll test any study before putting into practice. All the best.

 

[stocksniper]

Love this Hull Macd, is there a way to put a boolean arrow up on the and Down arrow for down. Thanks in advance.

 

[MerryDay]

Add this to the bottom of your script:

#Add Arrows
def UPcondition = isUP ;
def DNcondition = isDOWN ;
plot upArrow = !UPcondition[1] and UPcondition;
upArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
upArrow.SetDefaultColor(color.cyan) ;
upArrow.SetLineWeight(1);

plot dnArrow = !DNcondition[1] and DNcondition;
dnArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
dnArrow.SetDefaultColor(color.magenta) ;
dnArrow.SetLineWeight(1);

Here is a tutorial on how to create your own arrows on any script:
https://usethinkscript.com/resources/thinkscript-boolean-arrows-in-thinkorswim.17/

 

[BillW]

One of more the underrated indicators for effectiveness and simplicity.