Linear Regression indicator For ThinkOrSwim

JonPM

New member
Does anyone have or know of a TOS script that is similar to TradingView's built-in Linear Regression script (blue/red channel in image below)?

RaOMcO3D
 
W0DhIUB.png


http://tos.mx/N6lW6NE

@diazlaz @Ficus I wanted to have an LRC that was opaque. This was done w help from TOS Support.

Color Opacity can be changed to what ever one wishes via the UI under Global Colors>More...>HSV color panel.

Code:
# LRC no Lines Global Color Adj
# With help from coder in TOS chat support 9-18-2020
# Originally: tradingview like Linear Channel w/ fills
# @JonPM Community Request in useThinkscript
# VERSION
# 2020.09.08 V1.0 @diazlaz - Linear Regression Channel with Cloud and variable
#                            timeframe.
# 2020.09.18 V1.1 @markos - Color Opacity can now be changed via Globals in UI.

input price = close;
input deviations = 1.0;  #set your deviation units here.
input length = 80; #set your channel lookback period here.

def regression = InertiaAll(price, length);
def stdDeviation = StDevAll(price, length);
def UpCloud = regression + deviations * stdDeviation;
def DnCloud = regression - deviations * stdDeviation;
def MiddleLine = regression;

DefineGlobalColor("Bullish", Color.light_green);
DefineGlobalColor("Bearish", Color.light_RED);

AddCloud(middleline,  upcloud,  GlobalColor("Bullish"),  GlobalColor("Bullish"));
AddCloud(middleline,  dncloud,  GlobalColor("Bearish"),  GlobalColor("Bearish"));

# End LRC wo Lines
 

Join useThinkScript to post your question to a community of 21,000+ developers and traders.

Linear Regression channel is available as a built-in drawing tool in your ThinkorSwim. However, it will not include the blue/green zones like TradingView.

JYkyGXZ.png
 
Hi @JonPM,

here you go:

5PhMgRI.png


aoy9vl1.png


Ruby:
#tradingview like Linear Channel w/ fills
#@JonPM Community Request
#
#VERSION
# 2020.09.08 V1.0 @diazlaz - Linear Regression Channel with Cloud and variable
#                            timeframe.
#

input price = close;
input deviations = .8;  #set your deviation units here.
input length = 100; #set your channel lookback period here.

def regression = InertiaAll(price, length);
def stdDeviation = stdevAll(price, length);

plot UpperLine = regression + deviations * stdDeviation;
plot MiddleLine = regression;
plot LowerLine = regression - deviations * stdDeviation;

AddCloud (MiddleLine, UpperLine, COLOR.GREEN, COLOR.GREEN);
AddCloud (MiddleLine, LowerLine, COLOR.RED, COLOR.RED);

UpperLine.SetDefaultColor(COLOR.GREEN);
MiddleLine.SetDefaultColor(GetColor(8));
LowerLine.SetDefaultColor(COLOR.RED);

#END of tradingview like Linear Channel w/ fills
 
Last edited by a moderator:
Hey @diazlaz Have you worked w "Opacity" in TOS? Just wondering if we can make those SD clouds more transparent. I've seen it work but can't find the example to borrow from. Thanks, Markos
 
I was able to add opacity. It helps a lot to see the chart behind it, but the opacity adjustment doesn't work for me, seems locked at 50%. Thought someone else might appreciate it.

Code:
#tradingview like Linear Channel w/ fills
#@JonPM Community Request
#
#VERSION
# 2020.09.08 V1.0 @diazlaz - Linear Regression Channel with Cloud and variable
#                            timeframe.
#

input price = close;
input deviations = .8;  #set your deviation units here.
input length = 100; #set your channel lookback period here.
input opacity = 50;

def regression = InertiaAll(price, length);
def stdDeviation = stdevAll(price, length);

plot UpperLine = regression + deviations * stdDeviation;
plot MiddleLine = regression;
plot LowerLine = regression - deviations * stdDeviation;

AddCloud(MiddleLine,  UpperLine,  Color.GREEN,  Color.GREEN, opacity);
AddCloud(MiddleLine,  LowerLine,  Color.RED,  Color.RED, opacity);

UpperLine.SetDefaultColor(Color.GREEN);
MiddleLine.SetDefaultColor(GetColor(8));
LowerLine.SetDefaultColor(Color.RED);

#END of tradingview like Linear Channel w/ fills
 
W0DhIUB.png


http://tos.mx/N6lW6NE

@diazlaz @Ficus I wanted to have an LRC that was opaque. This was done w help from TOS Support.

Color Opacity can be changed to what ever one wishes via the UI under Global Colors>More...>HSV color panel.

Code:
# LRC no Lines Global Color Adj
# With help from coder in TOS chat support 9-18-2020
# Originally: tradingview like Linear Channel w/ fills
# @JonPM Community Request in useThinkscript
# VERSION
# 2020.09.08 V1.0 @diazlaz - Linear Regression Channel with Cloud and variable
#                            timeframe.
# 2020.09.18 V1.1 @markos - Color Opacity can now be changed via Globals in UI.

input price = close;
input deviations = 1.0;  #set your deviation units here.
input length = 80; #set your channel lookback period here.

def regression = InertiaAll(price, length);
def stdDeviation = StDevAll(price, length);
def UpCloud = regression + deviations * stdDeviation;
def DnCloud = regression - deviations * stdDeviation;
def MiddleLine = regression;

DefineGlobalColor("Bullish", Color.light_green);
DefineGlobalColor("Bearish", Color.light_RED);

AddCloud(middleline,  upcloud,  GlobalColor("Bullish"),  GlobalColor("Bullish"));
AddCloud(middleline,  dncloud,  GlobalColor("Bearish"),  GlobalColor("Bearish"));

# End LRC wo Lines
 
Last edited:
How do you guys trade using this?
You don't really trade based on this alone. The green and red zones give you an idea of possible support and resistance as well as the overall trend direction. Just notice how the price seems to bump up and down near the top, bottom and middle.
 
how do you code to count the number of times the middle line cuts through the body of the candle? Say input length is 80, so i want to see among the 80 candles, how many of the candle bodies got cut through by the middle line.
 
how do you code to count the number of times the middle line cuts through the body of the candle? Say input length is 80, so i want to see among the 80 candles, how many of the candle bodies got cut through by the middle line.
phewww you got your work cut out for you. What exactly are you going to use that for? Just curious
 
how do you code to count the number of times the middle line cuts through the body of the candle? Say input length is 80, so i want to see among the 80 candles, how many of the candle bodies got cut through by the middle line.
I know you put in the request a LONG time ago, but I had a thought.
you can create a series:
Code:
def pierced_bars = if open > MiddleLine and close < MiddleLine then 1 else 0;
and then once you have that, you can sum() the series over the desired length:
Code:
addLabel(yes, "Pierced Bars Last 80: " + sum(pierced_bars, 80), color.gray);
and have some idea.
You could also chart it on a lower study and see how it changes over time. I don't know if it will repaint, or give the number of bars that CURRENTLY fit the condition but I assume so (it will be recalculated at each new bar). If you need the historical values, it gets much, much messier.

Hope this is still of some help.

-mashume

P.S. I've coded all this in the post-editor, not in ToS, it may not run quite right right off, but it should be close.
 

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
469 Online
Create Post

Similar threads

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Back
Top