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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. (http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:slope)
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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)
svyarnall
4 months ago
thanks. on stockcharts there is only 1 variable to set for the time whereas your program has 2 variables for both the slope time frame & linear regression period?
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