VERSION - 2 (https://www.tradingview.com/v/l9bUW1FZ/) updated for Custom Length, and fixed some formula glitches.
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 (redone) // Simple linear regression slope - Good way see if the trend is accelarating or decelarating study(title="UCSGEARS - Linear Regression Slope", shorttitle="UCS-LRS", overlay=false) src = close len = input(defval=5, minval=1, title="Slope Length") lrc = linreg(src, 50, 0) lrs = (lrc-lrc[len])/len alrs = sma(lrs,9) loalrs = sma(lrs,50) uacce = lrs > alrs and lrs > 0 and lrs > loalrs dacce = lrs < alrs and lrs < 0 and lrs < loalrs scolor = uacce ? green : dacce ? red : blue plot(lrs, color = scolor, title = "Linear Regression Slope", style = histogram, linewidth = 4) plot(alrs, color = white, title = "Average Slope") plot(0, title = "Zero Line", color = white)