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Regression Channel Sketcher
April 22, 2016, 3:24 PM
Indicators
4 Comments
I have seen something similar elsewhere recently so i decided to make my own version of this channel sketcher for the new ProRealTime 10.3 version with the new “DRAWSEGMENT” function.
This is a regression channel sketcher that draw segment other highs and lows over a ‘p’ period (20 by default).
The alpha gradient is calculated with the difference between the top and bottom channel to made it easier to “read”.
This indicator is more an attempt to demonstrate new graphical capabilities of the platform, than to use it for real trading, but it can be 🙂
p=20
z1 = linearregression[p](high)
z2 = linearregression[p](low)
y1 = 1.5*std[p](high)+z1
y2 = 1.5*-std[p](low)+z2
if(y1>y1[p]) then
Rh = 0
Gh = 255
else
Rh = 255
Gh = 0
endif
if(y2>y2[p]) then
Rl = 0
Gl = 255
else
Rl = 255
Gl = 0
endif
a = (255*(y1-y2))/(300*pipsize)
if a>255 then
a = 255
endif
DRAWSEGMENT(barindex-p*1.5,y1[p],barindex+10,y1)coloured(Rh,Gh,0,a)
DRAWSEGMENT(barindex-p*1.5,y2[p],barindex+10,y2)coloured(Rl,Gl,0,a)
RETURN
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Filename:
Channel-Sketcher.itf
Downloads:
175
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On my PC it doesn't refresh. I am using intraday tick bars (not minutes). Unfortunately I don't know how to attach an image to show you, sorry