OPEN-SOURCE SCRIPT
Regression Channel Alternative MTF V2
█ 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
█ INSPIRATIONS
█ CREDITS
█ TIMEFRAME EXPLAINED
█ FEATURES
█ EXAMPLE OF USAGE / EXPLAINATION
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
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.