Although this indicator has similarities to . It is better used to identify the cycle of High and Lows based on the Statistical Data (Default is set to 25).
**** DO NOT USE THIS AS A ****
As a word of caution the read this - http://bit.ly/1Arjoqp. This is a rip off, if you choose to pay a penny.
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.
// Created by UCSgears // Version 1 - Setting for the Power cycle is not determined yet. This is the concept. // Larry Gaines version of Cycle uses Linear Regression study(title="UCS_Cycle_V1", shorttitle="UCS-Cycle", overlay=false) // Classic Cycle Indicator uses SMA UseLinearRegression = input(true) PlotSignal = input(false) // The Source can be Based on OHLC4 or HL2 src = (ohlc4) len = input(25, title="Cycle Length") smooth = input (8, title = "Signal") basis = UseLinearRegression ? linreg(src, len, 0) : sma(src,len) cycle = close - basis cyclesig = PlotSignal ? ema(cycle,smooth) : 0 plot_color1 = cycle > 0 ? green : red plot(cycle, color = plot_color1, title = "Linear Regression Curve", style = columns, linewidth = 4) plot(cyclesig, color = gray, title = "Signal") //END // Version 2 will have all the settings for the 3 Power Cycle Bands with Options to Plot them all.