Plot three linear regression channels using alexgrover 's Computing The Linear Regression Using The WMA And SMA indicator for the linear regression calculations.
Length : Number of inputs to be used
Source : Source input of the indicator
Midline Colour : The colour of the midline
Channel One, Two, and Three Multiplicative Factor :...
█ This Indicator is based on Pivot detection to show bands and channels.
The pivot price is similar to a resistance or support level. If the pivot level is breached, the price should continue in that direction. Or the price could reverse at or near this level.
Use channels as a support & resistance zone.
Use bands as a support & resistance zone....
The Theil-Sen estimator is a nonparametric statistics method for robustly fitting a regression line to sample points (1,2).
As stated in the Wikipedia article (3), the method is " the most popular nonparametric technique for estimating a linear trend " in the applied sciences due to its robustness to outliers and limited assumptions regarding measurement...
what is "Colorful Channel"?
it is a overbought - oversold indicator.
what it does?
It fills the area between the upper band of the channel and the price line with green, the area between the lower band of the channel and the price line with red color and applies a transparency to these colors according to the distance of the price from the channel lines. thus...
This indicator demonstrates 6 different steps RMA moving channels. The channels upper and lower lines show the computing RMA of candles high and candles low, respectively. You can fine the best inputs based on your strategies in different stocks and improve your win rate. Please note that, it is better to use it in higher time frames.