Linear Regression Channel

SETTING MANUAL

1/ What is the Linear Regression Channel indicator?

Introduction:

The Linear Regression Channel for TradingView is an advanced trading tool to identify key turning points and trend directions in the market with precision.
This indicator is designed to adapt dynamically to market movements, making it ideal for various trading environments and suitable for all trading durations, from quick intra-day scalps to longer-term swing trades.

Benefits:

Dynamic Support and Resistance Identification: The Linear Regression Channel excels in marking dynamic support and resistance levels, offering a clear visual representation of potential market turning points.
Real-time Market Adaptation: This indicator continually adjusts to live market changes, ensuring that the trade setups it provides are timely and aligned with current market conditions.
Versatility Across Multiple Markets: Whether trading forex, stocks, indices, or commodities, the Linear Regression Channel provides relevant and reliable insights, making it a versatile tool for a wide range of financial instruments.
Strategy Enhancement: By highlighting potential entry and exit points within the market's natural price movement, this indicator aids traders in making informed and strategic trading decisions.
Customizable Alerts and Settings: Equipped with various alert options, including pop-up, sound, email, and push notifications, the Linear Regression Channel can be tailored to fit individual trading preferences and strategies.

2/ Indicator Setting - Linear Regression Channel

Lookback Period: This setting adjusts the number of bars the indicator considers for calculating the Linear Regression Channel. A higher number provides a broader market perspective, while a lower number offers a more immediate view.

Dev 1, Dev 2, Dev 3, Dev 4: These settings determine the standard deviation levels for the channel lines. Dev 1 sets the first deviation level, Dev 2 the second, and so on. These levels help identify potential support and resistance areas.

Styling Settings:

Central Line Color: This option allows you to choose the color for the central line of the Linear Regression Channel, which represents the mean price level.

Dev 1 Line Color: Select the color for the first standard deviation line. This line often acts as the first layer of support or resistance.

Dev 2 Line Color: Select the color for the second standard deviation line, marking a stronger level of potential support or resistance.

Dev 3 Line Color: Select the color for the third standard deviation line, which can indicate significant support or resistance areas.

Dev 4 Line Color: Select the color for the fourth standard deviation line, representing an extreme but less frequently tested support or resistance level.

Central Line Width: Adjust the thickness of the central line for better visibility and differentiation from other lines.

Dev 1 Line Width: Customize the thickness of the first deviation line to distinguish it from other lines in the channel.

Dev 2 Line Width: Customize the thickness of the second deviation.

Dev 3 Line Width: Customize the width of the third deviation line.

Dev 4 Line Width: Adjust the thickness of the fourth deviation line, which is often used to identify extreme market conditions.

3. Alert set-up:

To stay updated on potential trading opportunities, you can set up alerts within the Linear Regression Channel indicator settings.

Step 1: From the indicator settings, customize your alerts by defining your desired parameters for buy and sell signals. The selected configurations will be used for notifications in Step 2.

Step 2: To receive notifications through the app, pop-ups, alert emails, Webhook URL, sound alerts, or email-to-SMS, enable these features by clicking on TradingView's Alert icon.

Step 3: Select Linear Regression from the “Condition” dropdown list

Step 4: A pop-up will appear as follows. Click on “Notification”.

Step 5: Choose the types of notifications you'd like to receive, and click the “Create” button.