OPEN-SOURCE SCRIPT

THMA

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THMA MTF

This indicator plots the Triangular Hull Moving Average (THMA), a smooth and responsive moving average based on the Hull concept. The formula follows the standard THMA definition used across multiple public TradingView scripts and libraries:

THMA = WMA( 3*WMA(src, L/3) - WMA(src, L/2) - WMA(src, L), L )

The idea behind THMA comes from the broader Hull Moving Average family, adapted with a triangular weighting scheme to reduce lag while keeping the line smooth. This implementation is my own Pine Script version, built from publicly available documentation and open-source THMA scripts on TradingView.

Features:
- Source and length are configurable (default length: 21).
- Line color changes depending on price position:
- Green when close is above THMA.
- Red when close is below THMA.
- Optional higher timeframe mode: you can calculate THMA on a higher timeframe (e.g., 5 min, 15 min, 1h) and display it on your current chart.

Use it as a trend filter or dynamic support/resistance level. As with any indicator, it’s best combined with your own price action and risk management rules.

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