Thanks alot!

I have finally found a single indicator that is consistently profitable for me. The core of it is very simple in concept and already in MetaTrader4. A derivitive of the Linear Regression Channel is what's working for me, but I need some help to simplify its use.

It occurred to me that the Linear Regression line is the purest measure of trend, so why not pay more attention to it. What I have found is that it keeps me in the right direction and, more importantly, keeps me in the trade for bigger profits (exits have always been my downfall). So, I'm managing this manually now; but this is worth sharing, if I can get a little programming help.

I need a custom indicator built from the standard MetaTrader Linear Regression Channel tool. The indicator will paint a graph in a separate window that depicts the angle of the linear regression line.

The MetaTrader linear regression line has points on it with which you can position the line. I use the first one to anchor the line on the beginning bar; the second (middle) one can be used to move the whole line forward or backward; the third one is the data point from which one would construct the graph.

The third point measures the angle of the linear regression line from the first point (the anchor). When I use this line manually, I drag this point to the latest completed bar, following the price as each bar completes. The cursor drag produces a small popup text that shows the bar number (from the anchor) and the current angle of the line. This is what I need graphed.

The custom indicator must identify the most recent third point (the last completed bar) and draw the graph accordingly. I want the option to smooth it to an X-period moving average (default of 3). I can provide graphics of the Linear Regression Channel (I couldn't figure out how to take a picture of the little popup text that displays the angle) and my manual graph of it (the manual graph is not a smoothed moving average).

It would also be nice to have an audible and visual popup that alerts when the line changes direction or goes flat. If anyone is interested in sharing this with me and providing the programming, I would be most appreciative. And I will be glad to provide specifics on how I'm trading it.

can u share your system (entry & rules and also the indicators you are using) thanks.

I can't share the indicator I'm using, because I don't have it yet (except in spreadsheet form). That's what I'm trying to get programmed here. The description of it is in my post. If I can get this indicator programmed, I will post all the rules in detail.

Hi,

I'm just starting out but I was wondering if one of you more experienced coders/chartists could convert this Metastock code into mq4?

Thanks.

{ Linear Regression true Slope v3.5 }
{ -100~+100% / -90~+90 degrees }
{ ©Copyright 2003-2004 Jose Silva }
{ MetaStockTools.com }

pds:=
Input("Linear Regression periods",2,2520,21);
pds1:=
Input("Lin Reg Signal periods",1,252,5);
x:=Input("Open=1, High=2, Low=3, Close=4, Volume=5, P=6",1,6,4);
display:=Input("display -100~100%=1, -90~90 degrees=2",1,2,1);
hist:=Input("display positive histogram fill (on=1, off=0)",0,1,1);
plot:=Input("[1] LinReg Slope, [2] signals",
1,2,1);

x:=If(x=1,O,If(x=2,H,If(x=3,L,
If(x=5,V,If(x=6,P,C)))));
LRlast:=LinearReg(x,pds);
LRS:=LinRegSlope(x,pds);
LRprev:=LRlast-LRS;
{LRstart:=Ref(LRlast-LRS*(pds-1),pds-1);}

a:=Min(LRlast,LRprev)/Max(LRlast,LRprev);
LRratio:=(If(LRlast>LRprev,2-a,a)-1)*80;
LRSdeg:=If(LRratio<0,Atan(LRratio,1)-360,
Atan(LRratio,1));
LRSper:=LRSdeg*10/9;
LRStrue:=If(display=2,LRSdeg,LRSper);
signal:=Mov(LRStrue,pds1,E);
BuySell:=
Cross(LRStrue,signal)-Cross(signal,LRStrue);
odd:=Cum(1)/2=Int(Cum(1)/2);
odd:=If(hist=1 AND LRStrue>signal,
If(odd,signal,LRStrue),LRStrue);

If(plot=1,odd,0);
If(plot=1,signal,0);
If(plot=1,LRStrue,BuySell)

Look at post #13 of this thread - may be it is what you are looking for.

__________________
My blog on TSD

Igorad,

I've been using this indicator for a few months now. Where can I get an MTF version?

Regards,
dpb.