OPEN-SOURCE SCRIPT

Volume-Supported Linear Regression Trend

アップデート済

Hello Traders,

Linear Regression gives us some abilities to calculate the trend and if we combine it with volume then we may get very good results. Because if there is no volume support at up/downtrends then the trend may have a reversal soon. we also need to check the trend in different periods. With all this info, I developed Volume-Supported Linear Regression Trend script. The script checks linear regression of price and volume and then calculates trend direction and strength.

You have option to set Source, Short-Term Period and Long-Term Period. you can set them as you wish.

By default:
Close is used as "Source"
Short-Term Period is 20
Long-Term Period is 50

in following screenshot I tried to explain short term trend (for uptrend). Volume supports the trend? any volume pressure on trend? possible reversal? same idea while there is downtrend.

in following screenshot I tried to explain long term trend:

You can also check Positive/Negative Divergences to figure out possible reversals (to automate it, you can use Divergence for Many Indicators v4, it has ability to check divergences on external indicators)

Enjoy!

リリースノート

_rate function fixed. (Thanks to Earthless85)

リリースノート

Added explanation
unnecessary commands removed

リリースノート

options added for the lines and columns

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