OPEN-SOURCE SCRIPT
Updated Envious Linear Regression Trend
Hey traders, this is a linear regression moving average trend indicator that is designed to filter out noise and give you a better insight of the current trend in the market. The design is a linear regression cloud that covers above the price or below the price and it changes colour based on the current dominant line through the crossover and crossunder feature. This indicator should be used as a confluence and not as a "trade the crossover indicator" and it is recommended that you combine this with analysis such as support and resistance to see how the market is doing. This indicator works best with Heikin Ashi candlesticks and it supports all chart types too.
Features:
3 Length Modes that are changeable via input on the settings.
Custom Bar Colour
Crossover Markups
Re-Entry Markups
Features:
3 Length Modes that are changeable via input on the settings.
Custom Bar Colour
Crossover Markups
Re-Entry Markups
Release Notes
Added AlertsRelease Notes
Added AlertCondition() alerts so you can customise the message.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.