OPEN-SOURCE SCRIPT
Hull Weighted Exponential Moving Average
Updated
BTCUSDTOpen source version of the Hull Weighted Exponential Moving Average as described by Vincent Charles in [Hull-WEMA: A Novel Zero-Lag Approach in the Moving Average Family]
█ OVERVIEW
The study takes into considerations two variants of MA.
Namely:
- Weighted Exponential Moving Average (WEMA)
- Hull Moving Average (HMA)
WEMA, which was introduced in 2013, has been widely used in different scenarios but still suffers from lags.
To address this shortcoming, a novel zero-lag Hull-WEMA method is proposed that combines HMA and WEMA.
Results show that the new approach achieves a better accuracy level than both HMA and WEMA.
█ SIGNALS
The indicator generates:
- a LONG signal when switching color from RED to GREEN
- a SHORT signal when switching color from GREEN to RED
Additionally is available an option to color the candles on your chart to confirm the signals and filter ranges.
Release Notes
█ ADDED ALERTSIs now possible to create alerts to trigger when "Long", "Short" or "Both" conditions are satisfied.
To do so:
- go into the indicator settings
- change the "Alerts" option to "Long", "Short" or "Both" as you prefer
- click on the Alert button from the toolbox on top of the chart
- under the "Condition" section choose "HWEMA"
- under the "Alert actions" section choose where you want to receive the alerts
- under the "Alert name" section you can delete everything except for HWEMA
- click "Create" to start receiving alerts
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.