LinearRegChVar with Dynamic Cloud and Label For ThinkOrSwim

[Carl-not-Karl]

<edited>

1) Included transparency ability under Globals tab in Edit Studies and Strategies dialog.
2) Included line code "# replace... " for user to change code to half-Cloud instead of full-Cloud.

I added a dynamic Cloud and Label (Up = GREEN / Down = RED) to the LinearRegChVar study found here:

https://toslc.thinkorswim.com/center/reference/Tech-Indicators/studies-library/G-L/LinearRegChVar

input Cloud          = no;
input price          = close;
input widthOfChannel = 100.0;
input fullRange      = Yes;
input Label          = yes;
input length         = 21;

plot MiddleLR;
if (fullRange)
then {
    MiddleLR = InertiaAll(price);
} else {
    MiddleLR = InertiaAll(price, length);
}

def dist = HighestAll(AbsValue(MiddleLR - price)) * (widthOfChannel / 100.0);

plot UpperLR = MiddleLR + dist;
plot LowerLR = MiddleLR - dist;

MiddleLR.DefineColor("Up", GetColor(6));
MiddleLR.DefineColor("Down", GetColor(5));
MiddleLR.AssignValueColor(if MiddleLR > MiddleLR[1] then MiddleLR.Color("Up") else MiddleLR.Color("Down"));
MiddleLR.SetLineWeight(1);
MiddleLR.SetStyle(1);
MiddleLR.HideBubble();
MiddleLR.HideTitle();

UpperLR.DefineColor("Up", GetColor(6));
UpperLR.DefineColor("Down", GetColor(5));
UpperLR.AssignValueColor(if UpperLR > UpperLR[1] then UpperLR.Color("Up") else UpperLR.Color("Down"));
UpperLR.SetLineWeight(1);
UpperLR.SetStyle(1);
UpperLR.HideBubble();
UpperLR.HideTitle();

LowerLR.DefineColor("Up", GetColor(6));
LowerLR.DefineColor("Down", GetColor(5));
LowerLR.AssignValueColor(if LowerLR > LowerLR[1] then LowerLR.Color("Up") else LowerLR.Color("Down"));
LowerLR.SetLineWeight(1);
LowerLR.SetStyle(1);
LowerLR.HideBubble();
LowerLR.HideTitle();

DefineGlobalColor("UpperLR", GetColor(6));
AddCloud(if Cloud and  MiddleLR > MiddleLR[1] then LowerLR else double.NaN, UpperLR,
 GlobalColor("UpperLR"), GlobalColor("UpperLR")); # replace LowerLR with MiddleLR for shading upper half
DefineGlobalColor("LowerLR", GetColor(5));
AddCloud(if Cloud and  MiddleLR < MiddleLR[1] then UpperLR else double.NaN, LowerLR,
  GlobalColor("LowerLR"), GlobalColor("LowerLR")); # replace UpperLR with MiddleLR for shading lower half

AddLabel(Label,
 if MiddleLR > MiddleLR[1] then
 " Bullish                                                                                           "
 else
 "                                                                                         Bearish ",
 if MiddleLR > MiddleLR[1] then Color.GREEN else Color.RED);

 

[JGray]

which time frame is woking for this study very well ?
i tested it in many timeframes and it show a bullish signals in highers frames even if the chart is already touched the upper linear
so i wanna know which timeframe is the best for this study

 

[Carl-not-Karl]

which time frame is woking for this study very well ?
i tested it in many timeframes and it show a bullish signals in highers frames even if the chart is already touched the upper linear
so i wanna know which timeframe is the best for this study

This default tos study (with my added cloud) works on all timeframes and is dependent on the length setting (how much time back: min., hrs., days, etc.): shorter the length the faster the study tips up or down.
It shows what has happened in the past (the trend) and is not predictive.