Trend Strength Gauge with Modified Hull Moving Average (HMA)
Overview: The indicator combines a modified Hull Moving Average (HMA) with a visual gauge that represents the strength and direction of the current trend. This helps traders quickly assess the trend's vigor and direction. Key Features:
Modified Hull Moving Average (HMA): Purpose: The HMA is a smoothed moving average designed to reduce lag and provide more responsive trend signals. The indicator displays two HMA line and SMA line on the chart and fill color between them based on HMA is above SMA or not.
Trend Strength Gauge: Visualization: Below the chart, there's a gauge represented by gradient line gauge with "V" symbol. The gauge line change color based on the direction of the trend. Additionally, symbol "V" moves from solid color to transparent, indicating the trend's strength gradient.
Up Trend: Dn Trend:
Trend Assessment:
When "V" at the strong teal collor it represents a strong positive trend (uptrend).
When "V" at the strong white collor it Indicates a strong negative trend (downtrend).
Arrow Movement: The symbol 'V' transitions from a solid color (teal or white) to a more transparent shade based on the strength of the trend.
Usage:
Trend Confirmation: Traders can use this indicator to confirm trends and assess their strength before making trading decisions.
Entry/Exit Points: The changing colors and transparency levels of the 'V' symbols can assist in identifying potential entry or exit points.
Can be used as a simple Hull indicator
This combined indicator simplifies trend analysis by offering an easily understandable visual representation of trend strength and direction.
Remember, while indicators are valuable tools, successful trading requires a comprehensive approach that incorporates multiple sources of information and risk management strategies.
Always exercise caution, apply critical thinking, and consider the broader market context when using indicators to make informed trading decisions.
Keep it up!