Script Description
here are several nice Linear Regression Channel scripts in the Public Library. and I tried to make one with some extra features too.
This one can check if the price breaks the channel and it shows where it was broken.
Also, it checks the momentum of the channel and shows it's increasing/decreasing/equal in a label, the shape of the label also changes. The line colors change according to the direction.
using the options, you can;
- Set the Source (Close, HL2, etc)
- Set the Channel length
- Set Deviation
- Change Up/Down Line colors
- Show/hide broken channels
- Change line width
meaning of arrows:
⇑ : Uptrend and moment increasing
⇗ : Uptrend and moment decreasing
⇓ : Downtrend and moment increasing
⇘ : Downtrend and moment decreasing
⇒ : No trend