New member here and have scoured the downloads for a color changing regression line with paint bar and arrows but it seems there is everything but that. A trading group I am aware of seems to be using it very successfully on the range bars for the ES, NQ and TF e minis and I'm wondering if anyone has come across such a beast.
The Lin Reg indicator in Ninja is the correct formula but is only one color and does not paint the bars nor allows for a user definable angle of the line degree changes to warrant the color changes.
I think if it contained another input for say up to 3 standard deviations from the user selected period, it would be a very useful addition to the toolbox.
Please post a screenshot of how this should look with the LR and the paintbars. I've got one with the colored line available and can modify it for the paintbars unless one of the other coders gets to it first. I'm curious how it's being used by the "trading group" you mentioned. (i.e. what period settings, what other standard deviation settings, what range for bars, etc.)
Last edited by zeller4; September 9th, 2009 at 07:25 AM.
This works great zeller4. I use the colors like you have them but would just prefer a solid line versus dashed. The setting is angle 5 (for both) and try 5 range bars for the ES, 12 range for NQ and 8 range for TF. The color change (other than neutral) gives you direction and the line itself can act as a stop. I also like the TSSuper Trend (Close8,HMA, 1.786, 4 ATR) hash lines as another stop idea for the ES anyway. The Donchian Channel in NInja set to 5,5 or 6,6 gives nice step visual and can act as breakout line warning as well.
DonchianChannel only has 1 parameter (versus another custom indicator I have which does the same thing but allows for different number of high or low bar look back periods, which is unnecessary). So choose a 5 period minimum and up to 10. You can set the DonchianChannel plot to Square instead of Line to get the nice step up/down effect.