OPEN-SOURCE SCRIPT
Envious Linear Regression Trend
Updated
Hey traders, this is a linear regression moving average trend indicator that is designed to filter out noise and give you a better insight of the current trend in the market. The design is a linear regression cloud that covers above the price or below the price and it changes colour based on the current dominant line through the crossover and crossunder feature. This indicator should be used as a confluence and not as a "trade the crossover indicator" and it is recommended that you combine this with analysis such as support and resistance to see how the market is doing. This indicator works best with Heikin Ashi candlesticks and it supports all chart types too.
Features:
3 Length Modes that are changeable via input on the settings.
Custom Bar Colour
Crossover Markups
Re-Entry Markups
Features:
3 Length Modes that are changeable via input on the settings.
Custom Bar Colour
Crossover Markups
Re-Entry Markups
Release Notes
Added AlertsRelease Notes
Added AlertCondition() alerts so you can customise the message.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.
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Disclaimer
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