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)
Outstanding just like everything you create you are an asset to the platform @TradingView First time I have used coins but hope they can go some way to showing my apprieciation for you work @LonesomeTheBlue
Great, thanks for sharing. I'm still looking forward to a buy/sell arrow script capable of catching top and bottom without repainting from you. I believe you can make happen!
kannantraders1990
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@ilesanmipepsi, sir have u found a buy arrow script for this