OPEN-SOURCE SCRIPT
Variable Linear Regression With Pearsons R Oscillator
This is the Oscillator that is meant to go with the Variable Linear Regression With Pearsons R Script. Set this to match the settings you have on the other script.
To use this, you want to do trades something like this:
The bottom -0.80 (green line) means that the trend is very strong in the upward direction. This almost always means it's about to finish its trend soon and reverse the other direction. If you see the other linear regression lines also coincide with this result it would best to get ready to reverse your position and do a short once some other indicators show you it is turning the other direction in addition to this.
The reverse for longing would be the case after a large downtrend and the 0.80 line (red line) is touched by many of the linear regressions, usually it means the downtrend is ending and there is a good buy opportunity soon.
This is called a variable linear regression systems because you can set as many variable linear regressions as you want. I have capped it at 10 but you can modify the code to raise this if really necessary. Every color is customizable for each different linear regression trend.
To use this, you want to do trades something like this:
The bottom -0.80 (green line) means that the trend is very strong in the upward direction. This almost always means it's about to finish its trend soon and reverse the other direction. If you see the other linear regression lines also coincide with this result it would best to get ready to reverse your position and do a short once some other indicators show you it is turning the other direction in addition to this.
The reverse for longing would be the case after a large downtrend and the 0.80 line (red line) is touched by many of the linear regressions, usually it means the downtrend is ending and there is a good buy opportunity soon.
This is called a variable linear regression systems because you can set as many variable linear regressions as you want. I have capped it at 10 but you can modify the code to raise this if really necessary. Every color is customizable for each different linear regression trend.
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.
-=Gentleman Goat=- Download the TradingView Input Optimizer at tradingtools.software/optimizer
Discord: discord.gg/pGHHRczpbu
Discord: discord.gg/pGHHRczpbu
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.
-=Gentleman Goat=- Download the TradingView Input Optimizer at tradingtools.software/optimizer
Discord: discord.gg/pGHHRczpbu
Discord: discord.gg/pGHHRczpbu
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.