Originality and usefulness
This indicator provides Linear Regression (LR) Angle in degree that may be more easily interpreted by some traders as we are more accustomed to line angles in degree and know how to visualize them.
This script also provides the option to overlay up to four LR curves of different periods, as well as an average curve of the enabled curves. This allows traders to analysis short to long term trends.
Furthermore, slope (rate of change) of each LR curves can be toggled. The slope plot can help traders visualize accelerations and decelerations of the LR curves which may help in spotting trend reversals.
Data table provides real time data for each curve.
Example of using slope plot with a 30 bars Linear Regression Angle:
Added 2 more columns onto Data Table for trend analysis and direction:
- Bullish = angle > 0, Bearish = angle < 0
- Accelerating = angle and rate of change are in the same direction
- Decelerating = angle and rate of change are in the opposite direction
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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.