Standard deviation channel of linear regression distance [AbAh]

The indicator calculates the distance between linear regression line and the data point (price) as a percentage , then calculates the standard deviation for the linear regression distance , then draw the channel of two lines depending on the values of standard deviation .

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1 - for Best result , indicator should be used on 2H frame Time of less : like 1H or 30 min

2 - The upper line and the lower line, both play a role as a support and resistance area, when the price bounces from the upper zone or lower zone, there is a high probability that it will move to the other line.

3 - The price breakout of one of the lower or upper lines may indicate a major price movement coming in the direction of the breakout

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 a publication is governed by House Rules. You can favorite it to use it on a chart.


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