OPEN-SOURCE SCRIPT
Linear Regression Channel
Updated
Linear Regression Channel with Logarithmic Scale Option
This advanced Linear Regression Channel indicator offers traders a powerful tool for technical analysis, with unique features that set it apart from standard implementations.
Key Features:
Why Choose This Indicator:
The combination of logarithmic scale option and flexible start date setting makes this Linear Regression Channel uniquely suited for both short-term and long-term analysis. The logarithmic scale is particularly beneficial for analyzing assets with significant price changes over time, as it normalizes percentage moves across different price levels. This feature, coupled with the ability to set a precise start date, allows traders to perform more accurate and relevant regression analyses, especially when studying specific market cycles or events.
Moreover, the trend strength indicator and customizable visual elements provide traders with a comprehensive tool that not only identifies potential support and resistance levels but also offers insight into the reliability and strength of the current trend.
In summary, this Linear Regression Channel indicator combines flexibility, precision, and insightful analytics, making it an invaluable tool for traders seeking to enhance their technical analysis capabilities on TradingView.
This advanced Linear Regression Channel indicator offers traders a powerful tool for technical analysis, with unique features that set it apart from standard implementations.
Key Features:
- Logarithmic Scale Option: One of the most distinctive aspects of this indicator is the ability to switch between classic and logarithmic scales. This feature is particularly valuable for long-term analysis, as it ensures that equal percentage changes are represented equally, regardless of the price level.
- Flexible Start Date: Unlike many indicators that rely on a fixed number of periods, this tool allows users to set a specific start date and time. This feature provides precise control over the regression analysis timeframe, enhancing its adaptability to various trading strategies.
- Customizable Channel Settings: Users can adjust the upper and lower deviation multipliers, allowing for fine-tuning of the channel width to suit different market conditions and trading styles.
- Trend Strength Indicator: An optional feature that displays the strength of the trend based on the Pearson correlation coefficient, offering additional insight into the reliability of the current trend.
- Comprehensive Visual Customization: The indicator offers extensive color and style options for the regression line, upper and lower channel lines, and fill areas, allowing traders to create a visually appealing and easy-to-read chart setup.
- Extended Line Options: Users can choose to extend the regression lines to the left, right, or both, facilitating projection and analysis of future price movements.
- Multiple Alert Conditions: The indicator includes four alert conditions for crossing the upper deviation, lower deviation, and the main regression line in both directions, enhancing its utility for active traders.
Why Choose This Indicator:
The combination of logarithmic scale option and flexible start date setting makes this Linear Regression Channel uniquely suited for both short-term and long-term analysis. The logarithmic scale is particularly beneficial for analyzing assets with significant price changes over time, as it normalizes percentage moves across different price levels. This feature, coupled with the ability to set a precise start date, allows traders to perform more accurate and relevant regression analyses, especially when studying specific market cycles or events.
Moreover, the trend strength indicator and customizable visual elements provide traders with a comprehensive tool that not only identifies potential support and resistance levels but also offers insight into the reliability and strength of the current trend.
In summary, this Linear Regression Channel indicator combines flexibility, precision, and insightful analytics, making it an invaluable tool for traders seeking to enhance their technical analysis capabilities on TradingView.
Release Notes
Minor Update: CAGR for the selected period addedRelease Notes
Minor UpdateRelease Notes
Minor Update: Price Perf. for the selected period addedRelease Notes
Minor Update: table instead of labelsRelease Notes
Minor Update: Table position option addedRelease Notes
Minor Update: Option to start from the beginning of historical data has been added.Release Notes
Minor Update: Tooltips addedRelease Notes
Small bug fixedRelease Notes
Minor Update: Text size option added
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.