[RS]Linear Regression Bull and Bear Power Accumulation V1 — Indicator by RicardoSantos

experimental bullish bearish power linearregression donchianchannels convergence divergence oscillator

EXPERIMENTAL:
Bull and Bear power based on linear regression (this is a non lagging oscillator, the parameter are for the lookup window for the donchian extremes)
this indicator can also be used for convergence/divergence.
(accidentjev2) added multi timeframe support (indicator may repaint values)

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.

Disclaimer

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Want to use this script on a chart?

//@version=2
study(title='[RS]Linear Regression Bull and Bear Power Accumulation V1', shorttitle='BBPa', overlay=false)
SHOW_REM = input(title='Show as (bull-bear)?', type=bool, defval=false)
SHOW_ACC = input(title='Show as accumulation?', type=bool, defval=true)
window = input(title='Lookback Window:', type=integer, defval=10)
smoothing = input(title='Smoothing Length:', type=integer, defval=4)
acc_length = input(title='Accumulation Length:', type=integer, defval=100)
USE_ALT_TF = input(title='Use alternative timeframe?', type=bool, defval=false)
alt_tf = input(title='Alternative timeframe:', type=string, defval='D', confirm=false)

f_exp_lr(_height, _length)=>
    _ret = _height + (_height/_length)

h_value = highest(close, window)
l_value = lowest(close, window)

h_bar = n-highestbars(close, window)
l_bar = n-lowestbars(close, window)

bear = 0-f_exp_lr(h_value-close, n-h_bar)
bull = 0+f_exp_lr(close-l_value, n-l_bar)

bear_acc = sum(nz(bear, 0), acc_length)
bull_acc = sum(nz(bull, 0), acc_length)

rem = SHOW_ACC ? bull_acc-abs(bear_acc) : bull - abs(bear)
rem_bull = rem > 0 ? rem : 0
rem_bear = rem < 0 ? rem : 0

bear_output = USE_ALT_TF ? security(tickerid, alt_tf, SHOW_REM?rem_bear:SHOW_ACC?bear_acc:bear) : SHOW_REM?rem_bear:SHOW_ACC?bear_acc:bear
bull_output = USE_ALT_TF ? security(tickerid, alt_tf, SHOW_REM?rem_bull:SHOW_ACC?bull_acc:bull) : SHOW_REM?rem_bull:SHOW_ACC?bull_acc:bull

plot(title='Bear', series=bear_output, style=columns, color=maroon)
plot(title='Bull', series=bull_output, style=columns, color=green)