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OPEN-SOURCE SCRIPT

Regression Channel Alternative MTF V2

By RozaniGhani-RG
█ OVERVIEW
This indicator is a predecessor to Regression Channel Alternative MTF, which is coded based on latest update of type, object and method.

█ IMPORTANT NOTES
  • This indicator is NOT true Multi Timeframe (MTF) but considered as Alternative MTF which calculate 100 bars for Primary MTF, can be refer from provided line helper.
  • The timeframe scenarios are defined based on Position, Swing and Intraday Trader.
  • Suppported Timeframe : W, D, 60, 15, 5 and 1.
  • Channel drawn based on regression calculation.
  • Angle channel is NOT supported.


█ INSPIRATIONS
  • These timeframe scenarios are defined based on Harmonic Trading : Volume Three written by Scott M Carney.
  • By applying channel on each timeframe, MW or ABCD patterns can be easily identified manually.
  • This can also be applied on other chart patterns.


█ CREDITS
  • Scott M Carney, Harmonic Trading : Volume Three (Reaction vs. Reversal)


█ TIMEFRAME EXPLAINED
  • Higher / Distal : The (next) longer or larger comparative timeframe after primary pattern has been identified.
  • Primary / Clear : Timeframe that possess the clearest pattern structure.
  • Lower / Proximate : The (next) shorter timeframe after primary pattern has been identified.
  • Lowest : Check primary timeframe as main reference.


█ FEATURES
  • Color is determined by trend or timeframe.
  • Some color is depends on chart contrast color.
  • Color is determined by trend or timeframe.


█ EXAMPLE OF USAGE / EXPLAINATION
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contrasteducationalintradayLinear RegressionmethodmultitimeframeobjectpositionregressionswingTYPE

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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