Linear Regression Trend Channel

10. Aug. 2019

This is my first public release of indicator code and my PSv4.0 version of "Linear Regression Channel", as it is more commonly known. It replicates TV's built-in "Linear Regression" without the distraction of heavy red/blue fill bleeding into other indicators. We can't fill() line.new() at this time in Pine Script anyways. I entitled it Linear Regression Trend Channel, simply because it seems more accurate as a proper description. I nicely packaged this to the size of an ordinary napkin within 20 lines of compact code, simplifying the math to the most efficient script I could devise that fits in your pocket. This is commonly what my dense intricate code looks like behind the veil, and if you are wondering why there is no notes, that's because the notation is in the variable naming. I excluded Pearson correlation because it doesn't seem very useful to me, and it would comprise of additional lines of code I would rather avoid in this public release. Pearson correlation is included in my invite-only advanced version of "Enhanced Linear Regression Trend Channel", where I have taken Linear Regression Channeling to another level of fully featured novel attainability using this original source code.

Features List Includes:
"Period" adjustment
"Deviation(s)" adjustment
"Extend Method" option to extend or not extend the upper, medial, and lower channeling

Showcased in the chart below is my free to use "Enhanced Schaff Trend Cycle Indicator", having a common appeal to TV users frequently. If you do have any questions or comments regarding this indicator, I will consider your inquiries, thoughts, and ideas presented below in the comments section, when time provides it. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!

28. Aug. 2020

Versionshinweise

Member appreciation for this indicator has now exceeded 500 likes, becoming my most favored published indicator. In recognition of this overwhelming gratitude, I am now freely offering an enhanced version of this indicator in highly optimized Pine Script with a few more features I believe are beneficial to TV members. Enjoy LRTC v2.0!

One major upgrade is, I added a correlation label mimicking TV's built-in version(displayed above too), yet this one is less likely to disappear off your chart. It will appear green in color with a positive upward trend and then red with a negative downward trend. You may also hover on this label revealing "tooltip=" contents, TV's NEW label.new() parameter. Two values will be displayed "onHover" showing Pearson's correlation coefficient(r) and the coefficient of determination(r2) with very high decimal precision.

All of this is surprisingly possible with the ever evolving "Power of Pine" condensed to only 20 lines of super compact Pine Script, the same tiny footprint as my original formulation. Thank you everyone for your kind support, and I will continue supporting the TradingView community within my power, as I have for two years now. MANY, MANY great things are in store for TV members via Pine in 2020 and onward... Yep, Pine's unrelenting destiny to come is even more empowerment to the great people of this quantitative community. It's only getting better folks!