This oscillator is made of the slope of a linear regression over “Length” period. It can be use to measure strength and exhaustion of a trend (actual histogram bar plus or minus the last one).
Slope of LR is also a good short momentum identifier when the slope is at a turning point.
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// parameters // Length = 14 SumBars = Length * (Length-1) * 0.5 SumSqrBars = (Length-1) * Length * (2 * Length-1) / 6 if(barindex>Length) then Sum1 = 0 SumY=0 MA = average[1](close) for i=0 to Length-1 do Sum1 = Sum1+(i*MA[i]) SumY = SumY+(MA[i]) next Sum2 = SumBars * SumY Num1 = Length * Sum1 - Sum2 Num2 = SumBars * SumBars - Length * SumSqrBars endif RegSlope = 100*Num1/Num2 RETURN RegSlope |
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