Direction And Trend Strength Forex Indicator
The LinearRegSlope_v1 indicator for MetaTrader4 is a simple statistical method deployed in spotting the direction and strength of a leading market trend.
The LinearRegSlope_v1 is computed via the Linear Regression technique. Chartist use this method in technical analysis to define if the market is in an upward or downward trend and also gauge the intensity of surge or decline, in line with the previous trend of prices. As an oscillator, the
As a centred oscillator type, the LinearRegSlope_v1 indicator shares a lot of similarity to momentum indicators. The LinearRegSlope_v1 indicator fluctuates above or below the zero signal level.
Generally speaking, when the indicator slope is below the zero signal line, momentum is said to be negative, while when the indicator slope is above the zero signal line, momentum is said to be positive.
The strength/weakness or direction of the momentum can also be gauged by the LinearRegSlope_v1 indicator.
The slope is used to gauge the trend. By extension, a positive slope is indicative of a bullish trend, while a negative slope is used for a downtrend.
Moreover, the steeper the surge or decline in price, the higher the slope value will get (either a higher positive or higher negative value).
The LinearRegSlope_v1 indicator offers a very valuable means of gauging and confirming long term trends. It can be combined with other indicators to form a basis for entry and exit levels.
Chartist can also employ it in the comparison of the slope for multiple securities, thereby allowing for defining of their relative strength and weakness.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Price, Length), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator, Trend