Slope — Indicator by vitvlkv

The slope indicator measures the rise-over-run of a linear regression, which is the line of best fit for a price series. Fluctuating above and below zero, the Slope indicator best resembles a momentum oscillator without boundaries. It is not well suited for overbought/oversold levels, but can measure the direction and strength of a trend. It can also be used with other indicators do identify potential entry points within an ongoing trend. ()

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

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Want to use this script on a chart?

study("Slope")
lrp = input(2, title="Linear Regression Period")
stf = input(2, title="Slope Time Frame")
lr = linreg(close, lrp, 0)
ch = lr-lr[stf]
plot(ch/stf)
hline(0)