OPEN-SOURCE SCRIPT
Regression Channel + Levels + RSI Divergence
Description:
This multi-tool script combines a regression channel, pivot levels, RSI divergence, and trade signals with a fakeout filter to help traders identify high-probability setups.
Key Features:
Regression Channel: Linear regression with smoothed upper, middle, and lower bands to highlight trend and volatility.
Ultra Strong Levels: Detects key pivot highs and lows, acting as reliable support/resistance zones.
RSI Divergence: Identifies bullish and bearish divergences for potential reversals.
Trade Signals with Fakeout Filter:
LONG ✔ for bullish setups
SHORT ✔ for bearish setups
WAIT ✖ when conditions are not favorable
Avoids false signals by filtering short-term spikes and RSI extremes.
Info Table: Displays RSI, divergence type, and current trade signal for quick reference.
Inputs:
Regression Window (bars for regression)
Pivot Strength (bars for pivot detection)
Minimum Distance Between Levels (%)
Max Levels Up/Down
RSI Length
Usage:
Use the regression channel to gauge trend direction.
Treat pivot levels as strong support/resistance.
Confirm RSI divergences and trade signals before executing trades.
Best used in conjunction with volume and price action analysis.
This multi-tool script combines a regression channel, pivot levels, RSI divergence, and trade signals with a fakeout filter to help traders identify high-probability setups.
Key Features:
Regression Channel: Linear regression with smoothed upper, middle, and lower bands to highlight trend and volatility.
Ultra Strong Levels: Detects key pivot highs and lows, acting as reliable support/resistance zones.
RSI Divergence: Identifies bullish and bearish divergences for potential reversals.
Trade Signals with Fakeout Filter:
LONG ✔ for bullish setups
SHORT ✔ for bearish setups
WAIT ✖ when conditions are not favorable
Avoids false signals by filtering short-term spikes and RSI extremes.
Info Table: Displays RSI, divergence type, and current trade signal for quick reference.
Inputs:
Regression Window (bars for regression)
Pivot Strength (bars for pivot detection)
Minimum Distance Between Levels (%)
Max Levels Up/Down
RSI Length
Usage:
Use the regression channel to gauge trend direction.
Treat pivot levels as strong support/resistance.
Confirm RSI divergences and trade signals before executing trades.
Best used in conjunction with volume and price action analysis.
Script de código abierto
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Exención de responsabilidad
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Script de código abierto
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Exención de responsabilidad
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.