The Hull Moving Average (HMA), developed by Alan Hull, is an extremely fast and smooth Moving Average that almost eliminates lag altogether and manages to improve smoothing at the same time. For that, Alan wrote an equation for the calculation of this Moving Average like this:
LWMA[square root(period), (2*LWMA(period/2, price)-LWMA(period, price)]
With this clever equation, Alan got a very fast Moving Average that it is much more reactive to the price action.
For a full explanation of how it works you can visit: http://alanhull.com/hull-moving-average
You can use it in two main ways:
I have made the code so you can change the type of Moving Average used in the calculations (but this already would not be a real Hull Moving Average) and the applied price. I like to use the typical price to take into account what has happened in each candle.
In the code, in the part "Custom indicator initialization function", you will see the line:
If you write DRAW_LINE, you will see another line on the chart that represent this part of the equation:
2*LWMA(period/2, price)-LWMA(period, price)
This is the calculation previous to the HMA calculus, but without the smoothing effect of applying a Moving Average to a Moving Average. You can use these lines like the use of two HMAs of different periods.
Bounce Strength Indicator (BSI) shows the strength of bounce. It now works in trend and uses Tango Line calculations.Tango Line
This indicator is a sharp turn to the dynamic change of direction. Like tango steps!