Linear Regression Indicator by OmegaTools

trendanalysis linearregression supportandresistance linear-regression candlecolor

This tool can be used to determine the direction of the current trend.

The indicator changes the color of the candles based on the direction of the linear regression formula. This is made settings the length of the short-term linear regression in the settings, the longer one is also based on that parameter but significantly larger.

The indicator also plots the average between the two linear regression lines used in the candle coloring formula, and can be used both for support and resistance or as a trend line used to analyze breakouts.

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.

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.

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