Linear Regression Channel Indicator | FREE Forex Trading Indicator
To gain a better understanding of the current market situation, some traders prefer to use linear regression. You can get a free Linear Regression Channel indicator for MT4 and MT5 here.
What Is Linear Regression Channel Indicator?
Linear Regression Channel indicator for MetaTrader facilitates the creation of regression channels on the chart.
Through a series of calculations using specific math formulas, the indicator automatically creates the channel going back a given number of candles.
The created regression channel is then kept up-to-date as new data comes through.
A regression channel is one way of using linear regression in MetaTrader.
Why Use Linear Regression Channel Indicator?
Regression Linear Channel is one method of identifying the current market trend. A price fluctuation channel can be visualised using a series of calculations. If the channel is pointing upwards, it indicates that the current timeframe is in an uptrend. In the opposite direction, if the channel points downward, there is a downtrend.
A noteworthy effect is that, generally, the price tends to bounce off the upper or lower borders when the trend is continued.
A regression channel can be found among the standard MetaTrader chart objects, and you can place one or more on the chart. However, the Linear Regression Channel indicator, which you can download here, is a more advanced tool that automatically calculates and draws the channel based on the parameters you provide. The newly created channel then automatically updates itself as new candles are added.
How to Use Regression Channel Indicator?
Once you download this indicator, you will be able select how many candles to use for the calculation of the channel and how many of the most recent bars not to consider. Its input parameters are really simple:
Download MT4 Linear Regression Channel Indicator
You can download both .ex4 (compiled) and .mq4 (source code) of Linear Regression Channel indicator using the following link:
MT4 Installation Instructions
To install the MT4 Trading Session Time indicator, please follow the instructions below:
- Download the indicator archive file.
- Open the MetaTrader 4 data folder (via File->Open Data Folder).
- Open the MQL4 Folder.
- Copy all the folders from the archive directly to the MQL4 folder.
- Restart MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.
Download MT5 Linear Regression Channel Indicator
You can download both .ex5 (compiled) and .mq5 (source code) of Linear Regression Channel indicator using the following link:
MT5 Installation Instructions
To install the MT5 Trading Session Time indicator, please follow the instructions below:
- Download the indicator archive file.
- Open the MetaTrader 5 data folder (via File->Open Data Folder).
- Open the MQL5 Folder.
- Copy all the folders from the archive directly to the MQL5 folder.
- Restart MetaTrader 5 or refresh the indicators list by right-clicking the Navigator subwindow of the platform and choosing Refresh.
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