[Stoxello] Linear Regression Chop Zone Indicator

📊 [Stoxello] Linear Regression Chop Zone Indicator – Description
The Stoxello Linear Regression Chop Zone Indicator is a custom-built, multi-functional visual tool for identifying market trend direction, strength, and potential entry/exit signals using a combination of linear regression, EMA slope angles, and volatility-adjusted smoothing.

🧠 Core Features:
🔶 1. Chop Zone Color Coding (Trend Strength via EMA Angle)
The script calculates the angle of a 34-period EMA, representing momentum and trend steepness.

This angle is then translated into color-coded bars on the chart to help traders visually identify chop zones and trend strength.

Turquoise / Dark Green / Pale Green = Increasing bullish trend.

Lime / Yellow = Neutral or low momentum (choppy zones).

Orange / Red / Dark Red = Increasing bearish trend.

🔶 2. Linear Regression Deviation Channels (Trend Path)
A custom linear regression line is drawn with +/- deviation bands above and below it.

These lines track the expected price path and visually define upper/lower zones, similar to regression channels.

The correlation (R) and determination (R²) values are displayed as labels on the chart, measuring the strength and reliability of the linear fit.

🔶 3. Linear Regression-Adjusted EMA (Smoothing with Volatility)
A novel volatility-adaptive EMA is computed by combining a traditional EMA with distance from a linear regression line.

The result is a dynamic EMA that becomes more reactive in volatile conditions and smoother in stable ones.

Two lines are plotted:

Primary EMA (Yellow)

Trigger Line (Lagged by 2 bars, Fuchsia)

The fill color between these two helps visualize short-term bullish or bearish pressure.

🔶 4. Buy/Sell Signal Logic with De-Duplication
Buy signals are triggered when:

The adjusted EMA crosses above its previous value (bullish inflection).

Or when the EMA angle exceeds +5° (strong trend detected).

Sell signals occur when:

The adjusted EMA crosses below its previous value.

Each signal is deduplicated by tracking the last signal using var string lastSignal:

No repeat buys after a buy, or sells after a sell.

Signals are marked on the chart using clean text labels:

Buy: "•Entry• = Price"

Sell: "•Exit• = Price"

🔶 5. Alerts
Two alertconditions are included for:

BUY signals (long_signal)

SELL signals (short_signal)

Can be used with webhooks, email, or app notifications to automate or monitor trades.

🔍 Ideal Use Cases:
Traders who want a clear visual aid for market chop vs. trend.
Swing or intraday traders looking for adaptive entry/exit points.
Anyone combining regression analysis and momentum tracking into one indicator.