xel_arjona

ORDINARY LEAST SQUARES Slope by @XeL_Arjona

ORDINARY LEAST SQUARES Slope by @XeL_Arjona
Ver. 1 by Ricardo M Arjona @XeL_Arjona

DISCLAIMER:

The Following indicator/code IS NOT intended to be a formal investment advice or recommendation by the author, nor should be construed as such. Users will be fully responsible by their use regarding their own trading vehicles/assets.

The embedded code and ideas within this work are FREELY AND PUBLICLY available on the Web for NON LUCRATIVE ACTIVITIES and must remain as is.


WHAT'S THIS?

This is a REAL mathematically approach of an ORDINARY LEAST SQUARES LINE FITTING SLOPE as TradingView currently don't have a native one embedded, neither as a pine function. Other "Sope" indicators from this linear regression model I found on public library are currently based on "momentum" rather tan slope.

Any modifications or additions are quite welcome!

Cheers!
@XeL_Arjona
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//@version=2
study("ORDINARY LEAST SQUARES Slope by @XeL_Arjona",shorttitle="LinReg Slope", overlay=false,precision=4)
p   = input(title="Lookback Window:",defval=21)
src = input(title="Series Source:",type=source,defval=close)
// SLOPE FUNCTION
ols_slope(array,lookback) =>
    x1 = n[lookback]
    x2 = n
    y1 = linreg(array,lookback,lookback)
    y2 = linreg(array,lookback,0)
    dx = x2-x1
    dy = y2-y1
    out = (dy/dx)
// STUDY VARIABLES TO OUTPUT
slp = ols_slope(src,p)
// PLOTTING DIRECTIVES
plot(slp,style=columns,color=slp>0?blue:red,title="OLS Slope",transp=55)
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