Channel of linear regression of rate of change from the mean

The indicator calculates the difference between the closing price and the average as a percentage and after that it calculates the average linear regression and then draws it in the form of a channel.

Preferably use it on 30 min or 15 min or 1 Hour or 2H time frames .

Exiting outside the upper or lower channel limits represents high price inflation , and returning inside the channel means the possibility of the price rising or falling for the average or the other limit of the channel.

Channel lines may represent places of support and resistance .
Release Notes: Some important modifications !
Release Notes: Full Updates !
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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