Linear Regression Channel (5D1h) to be plotted on 5 min chart

[waiwai006]

Hi, I am new here.

I am working on Thinkscript to display linear regression channel from a (5D1h) timeframe in a 5min chart.

I tried to to alter the aggreation period like below, however, the Linear Regression Channel's value plotted on 5min (in same interval of 5Days) chart is not the same as the 5D1h chart. Could anyone shed some light? Thanks!


input aggregationPeriod = AggregationPeriod.HOUR;
def price = close(period = aggregationPeriod);

plot MiddleLR = InertiaAll(price);
def dist = HighestAll(AbsValue(MiddleLR - price));
plot UpperLR = MiddleLR + dist;
plot LowerLR = MiddleLR - dist;

MiddleLR.setDefaultColor(GetColor(5));
UpperLR.setDefaultColor(GetColor(5));
LowerLR.setDefaultColor(GetColor(5));

plot MiddleLR2 = InertiaAll(price);
def dist2 = HighestAll(AbsValue(MiddleLR2 - price)) * 0.5;
plot UpperLR2 = MiddleLR2 + dist2;
plot LowerLR2 = MiddleLR2 - dist2;

MiddleLR2.setDefaultColor(GetColor(1));
UpperLR2.setDefaultColor(GetColor(1));
LowerLR2.setDefaultColor(GetColor(1));

 

[MerryDay]

Hi, I am new here.

I am working on Thinkscript to display linear regression channel from a (5D1h) timeframe in a 5min chart.

I tried to to alter the aggreation period like below, however, the Linear Regression Channel's value plotted on 5min (in same interval of 5Days) chart is not the same as the 5D1h chart. Could anyone shed some light? Thanks!


input aggregationPeriod = AggregationPeriod.HOUR;
def price = close(period = aggregationPeriod);

plot MiddleLR = InertiaAll(price);
def dist = HighestAll(AbsValue(MiddleLR - price));
plot UpperLR = MiddleLR + dist;
plot LowerLR = MiddleLR - dist;

MiddleLR.setDefaultColor(GetColor(5));
UpperLR.setDefaultColor(GetColor(5));
LowerLR.setDefaultColor(GetColor(5));

plot MiddleLR2 = InertiaAll(price);
def dist2 = HighestAll(AbsValue(MiddleLR2 - price)) * 0.5;
plot UpperLR2 = MiddleLR2 + dist2;
plot LowerLR2 = MiddleLR2 - dist2;

MiddleLR2.setDefaultColor(GetColor(1));
UpperLR2.setDefaultColor(GetColor(1));
LowerLR2.setDefaultColor(GetColor(1));

InertiaAll(price); and HighestAll have no length defined. Therefore, they default to using all the bars on your chart.
https://tlc.thinkorswim.com/center/reference/thinkScript/Functions/Statistical/InertiaAll

If you are attempting to "match" the MTF plot on your 5min chart to your plot on the hourly chart then your 5min chart requires 12 bars for every 1 bar on your hourly chart.
So if you have 40 candles on your hourly chart, you need to have exactly 480 candles on your 5min chart.

The workaround would be instead of using the default, provide the lengths to base your calculations on.

So you would change:

plot MiddleLR = InertiaAll(price);
def dist = HighestAll(AbsValue(MiddleLR - price));

To:

input length = however many bars are on your hourly chart *12 ;
plot MiddleLR = InertiaAll(price,length);
def dist = Highest(AbsValue(MiddleLR - price),length);

where the length for the 5min chart is set to 12x the length on whatever you set the length of the hourly chart. This would allow you to have apples and apples.

Keep in mind:
You will also have to deal with the fact that ToS no longer updates any of the ALL functions in real time. So they might not match until the hourly candle closes:
https://usethinkscript.com/threads/...e-no-update-in-real-time-in-thinkorswim.8794/

 

[waiwai006]

InertiaAll(price); and HighestAll have no length defined. Therefore, they default to using all the bars on your chart.
https://tlc.thinkorswim.com/center/reference/thinkScript/Functions/Statistical/InertiaAll

If you are attempting to "match" the MTF plot on your 5min chart to your plot on the hourly chart then your 5min chart requires 12 bars for every 1 bar on your hourly chart.
So if you have 40 candles on your hourly chart, you need to have exactly 480 candles on your 5min chart.

The workaround would be instead of using the default, provide the lengths to base your calculations on.

So you would change:

To:

where the length for the 5min chart is set to 12x the length on whatever you set the length of the hourly chart. This would allow you to have apples and apples.

Keep in mind:
You will also have to deal with the fact that ToS no longer updates any of the ALL functions in real time. So they might not match until the hourly candle closes:
https://usethinkscript.com/threads/...e-no-update-in-real-time-in-thinkorswim.8794/

Thanks for the detailed reply.

I tried to follow along your approach but it seems that the "HighestAll" method does not accept "length" as a parameter?

I got the following error: params expected but 2 found while calling highestall at 13:12

 

[MerryDay]

Thanks for the detailed reply.

I tried to follow along your approach but it seems that the "HighestAll" method does not accept "length" as a parameter?

I got the following error: params expected but 2 found while calling highestall at 13:12

Sorry!
I was typing too fast on my phone.
No, there is no HighestAll, it's just Highest

Here Ya go:

So you would change:

plot MiddleLR = InertiaAll(price);
def dist = HighestAll(AbsValue(MiddleLR - price));

To:

input length = however many bars are on your hourly chart *12 ;
plot MiddleLR = InertiaAll(price,length);
def dist = Highest(AbsValue(MiddleLR - price),length);