1. It helps you figure out the Historical Breaks of the Linear Regression Channel { default length : 20, stdev : 2}, These historical breaks are plotted as Blue and Orange Dots 2. Also it plots the Level corresponding the Points where the historical breaks have happened as {blue and orange horizontal Lines} 3. It takes the historical Breaks of the LR Channel as Input to a triangular function which plots the trend based market bands in yellow
** The script have Provisions for Alerts **** LinReg Breakout Bull **** LinReg Breakdown Bear
How to Trade with the Script ? First you will receive the alerts that there is a break of the linReg Band [wither bullish and bearish] Then you look at the Triangula Yellow Bands, whether it is below the closing price or above it If you receive a Bullish Signal and the Triangular Bands are below the closing price then you take long, If you receive a Bearish Signal and the Triangular Bands are above the closing price then you take short,
If you receive a Bearish Signal and the Triangular Bands are below the closing price then you take short, till the upper band, {for begginers, its noTrade situation} If you receive a Bullish Signal and the Triangular Bands are above the closing price then you take Long, till the Lower band, {for begginers, its noTrade situation}
How to get access ? Just private message me, I will be happy to share u guys!