The indicator is using 3 instances of Hull Moving Average. The Hull Moving Average (HMA), developed by Alan Hull, is an extremely fast and smooth moving average. In fact, the HMA almost eliminates lag altogether and manages to improve smoothing at the same time. Combining 3 instances of Hull averages to 3 prices (Close, High and Low) can help in giving us a sort of an over-all look at the current trend assessment.
Probably the best way to use is to wait for the 3 instances to have the same slope color and then to use that slope as an indicator of a current trend, but the channel can be used too (for ranging periods when the channel can be used as a sort of a no trade zone). In any case, some experimenting with the Hull period is advised for different symbols and different styles of trading.
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