LRx2 MAx2 — Indicator by soru

modified version now:) + ema,sma option fixed

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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Want to use this script on a chart?

study("LRx2 MAx2",overlay=true)
Len=input(200)
LR_offset=input(0)
ema= input(defval=false,title='use ema instead of sma?')
show_2xMA = input(true)
show_2xLR = input(true)
ma1 = ema ? ema(high,Len) : sma(high,Len)
ma2 = ema ? ema(low,Len) : sma(low,Len)
plot(show_2xMA ? ma1:na,color=#6666ff, linewidth=2)
plot(show_2xMA ? ma2: na,color=#6666ff, linewidth=2)
z1=linreg(high,Len,LR_offset)
z2=linreg(low,Len,LR_offset)

col=z1>z1[1]? lime : red
col2=z2>z2[1]? lime : red
plot(show_2xLR ? z1 : na,color=col)
plot(show_2xLR? z2 : na,color=col2)