This is a Low Lag MACD made by replacing the 2 emas in the built in macd with hull moving averages. The function in the script for the Hull Moving Average is the work of user RicardoSanto - Thanks Ricardo, good work!
The 2 averages cross, histogram zero cross and price cross often closely coincide with minimal lag.
By itself it is useful and to me more clear that the standard macd using emas but in trading I use it with the EFI built in Elder Ray Force index which I want to have either (Bull) above zero or briskly ascending or (Bear) below zero or briskly descending. As further confirmation I use a 50 period hull moving average (a built in) - this confirmation being the price is crossing or has passed above it (Bull) or below it (Bear).
This indicator and combination seem to work well on the stocks and etfs I trade options on. Not sure if EFI would be as effective on Forex because there is no central volume information source as there is with instruments that are traded through a single exchange. ??
Anyway good luck with this if you try it and any comments (on this my first script ) are welcome.
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Tom1trader
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This one is a Favorite but I use an updated version that adds background controlled by Elder's Force Index. See link. When Force Index is above/below zero the background is green/red and when the Force Index is rising or sloping up/down the background is darker green/red. Here: tradingview.com/script/wcwffpPM-Hull-MACD-with-Force-Index-Backcolors/
Can you give me afl code for this? Pls assist. My email id vasanthmail_id@yahoo.co.in
Tom1trader
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@r_vasanth, Sorry late in seeing this. I do not know afl code (had to google it to see what it is). Short answer is no but good luck with it and thanks anyway for asking.
Tom1trader
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Updated my copy of HMACD code not sure how to update it here, share as new idea again? Only changes added linewidth to the plots so it comes up the way I use it, red histogram 3 and lines 2.
Tom1trader
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@Tom1trader, To customize your copy in the script so it loads the way you like it, just add ", linewidth=3" without quotes to the end inside the plot parenthesis.