[RS]Linear Regression Bands V1 — Indicator by RicardoSantos

experiment with linear regression, the purpose was to catch break outs early, but it creates to much visual noise

same as version 0 but with added margin filter and signal to mark entrys

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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Want to use this script on a chart?

study(title="[RS]Linear Regression Bands V1", shorttitle="[RS]LRB.V1", overlay=true)
tf1 = input(0.125)
smooth = input(4)
prehh1 = nz(hh1[1], high)
prell1 = nz(ll1[1], low)

hh1 = close >= prehh1 ? high : prehh1 - sma(abs(change(high, 1)*tf1), smooth)
ll1 = close <= prell1 ? low : prell1 + sma(abs(change(low, 1)*tf1), smooth)
midline = avg(hh1, ll1)
plot(midline, style=cross, color=black, linewidth=1)
ph1 = plot(hh1, style=line, color=black, linewidth=1)
pl1 = plot(ll1, style=line, color=black, linewidth=1)

margin = input(30) * syminfo.mintick
signalcolor = high-margin > hh1 ? maroon : low+margin < ll1 ? green : gray
signal = high-margin > hh1 ? high+margin : low+margin < ll1 ? low-margin : na
plot(signal, style=circles, color=signalcolor, linewidth=4)