This Indicator Displays a Linear Regression Line along with its Standard Deviations of 2 3 and 4 Plus Fibonacci Lines Between The Upper and Lower 2 Standard Deviation Channel
It is my No Frills attempt at the Linear Regression Channels
I wanted to be able to display Channels for Standard Deviations of 2 right up to 4 which was a simple feature that I couldn't find with most other indicators of the sort
So this is what I have done with my version Linear Regression Channels
The Source and Width of the Lines are Customisable
The Lines and Label Change Color from Red to Green depending on the Direction of the Linear Regression Line indicating the Direction Of the Trend
The Label Displays an Arrow which indicates the following
⇑ Uptrend and moment increasing
⇗ Uptrend and moment decreasing
⇓ Downtrend and moment increasing
⇘ Downtrend and moment decreasing
⇒ No trend
Linear Regression is a type of mean or average that can be used to predict future price moves
The Standard Deviations can act as Support and Resistance with the 2nd Deviation capturing approximately 95% of Historical Prices
The further the price moves away from the Linear Regression line the greater the chance of a snap back or return to the mean
Always use this in confluence with other Support and Resistance etc
The MarketVision Linear Regression Channel compliments my other MarketVision indicators Which help by showing Momentum and Divergence at certain levels which is another confluence which can be added to the mix
As Trading is Risky Please Always Ensure that you are using proper Proper Risk Management
Thank you to those who have gone before me and provided the building blocks to create this Indicator especially LonesomeTheBlue who has brought so many beautiful scripts to to world
Enjoy!
It is my No Frills attempt at the Linear Regression Channels
I wanted to be able to display Channels for Standard Deviations of 2 right up to 4 which was a simple feature that I couldn't find with most other indicators of the sort
So this is what I have done with my version Linear Regression Channels
The Source and Width of the Lines are Customisable
The Lines and Label Change Color from Red to Green depending on the Direction of the Linear Regression Line indicating the Direction Of the Trend
The Label Displays an Arrow which indicates the following
⇑ Uptrend and moment increasing
⇗ Uptrend and moment decreasing
⇓ Downtrend and moment increasing
⇘ Downtrend and moment decreasing
⇒ No trend
Linear Regression is a type of mean or average that can be used to predict future price moves
The Standard Deviations can act as Support and Resistance with the 2nd Deviation capturing approximately 95% of Historical Prices
The further the price moves away from the Linear Regression line the greater the chance of a snap back or return to the mean
Always use this in confluence with other Support and Resistance etc
The MarketVision Linear Regression Channel compliments my other MarketVision indicators Which help by showing Momentum and Divergence at certain levels which is another confluence which can be added to the mix
As Trading is Risky Please Always Ensure that you are using proper Proper Risk Management
Thank you to those who have gone before me and provided the building blocks to create this Indicator especially LonesomeTheBlue who has brought so many beautiful scripts to to world
Enjoy!
릴리즈 노트:
Added ability to toggle Lin Reg Mid Line on and off