Summary:
This indicator script measures the percentage difference between the actual underlying indicator value and its linear regression line value.

Calculation:
Subtract the last linear regression forecast from the last close and divide the result by the last close.

Range:
0 To 100

Developer:
Tushar Chande

Interpretation:
1. Positive Crossover: When the indicator script crosses above zero, the underlying indicator is likely to move upwards.
2. Negative Crossover: When the indicator script crosses below zero, the underlying indicator is likely to move downwards.

                    
#region Namespaces using System; #endregion namespace ScriptCode { /// <summary> /// Indicator scripts are used for calculating a series of numerical values. /// /// This script can be used in several ways: /// (1) It can be used on a chart. /// (2) It can be used from another script. /// (3) It can be used as a script column in a watchlist. /// </summary> public partial class MyIndicator : IndicatorScriptBase // NEVER CHANGE THE CLASS NAME { #region Variables // Use for the underlying indicator on which to calculate the indicator script. private Indicator _indicator; // Use for the number of periods to include in the indicator script calculation. private int _periods; #endregion #region OnInitialize /// <summary> /// This function accepts the user parameters for the script and is called when a new indicator instance is created. /// One of the parameters accepted by it must be that of a symbol or another script that is /// based on a symbol (drawing, indicator, pattern or signal). This symbol will be used as the underlying symbol for the indicator. /// /// The parameter values can be specified from the user interface (UI) or from another script, depending on usage. /// </summary> /// -------------------------------------------------------------------------------------------------- /// PLEASE USE THE SCRIPT WIZARD (CTRL+W) TO ADD, EDIT AND REMOVE THE SCRIPT PARAMETERS /// -------------------------------------------------------------------------------------------------- /// YOU MUST SET A PARAM TAG FOR EACH PARAMETER ACCEPTED BY THIS FUNCTION. /// ALL PARAM TAGS SHOULD BE SET IN THE 'OnInitialize' REGION, RIGHT ABOVE THE 'OnInitialize' FUNCTION. /// THE ORDER OF THE TAGS MUST MATCH THE ORDER OF THE ACTUAL PARAMETERS. /// REQUIRED ATTRIBUTES: /// (1) name: The exact parameter name. /// (2) type: The type of data to collect from the user: /// Set to "Integer" when the data type is 'int' /// Set to "IntegerArray" when the data type is 'int[]' /// Set to "DateTime" when the data type is 'long' /// Set to "DateTimeArray" when the data type is 'long[]' /// Set to "Boolean" when the data type is 'bool' /// Set to "BooleanArray" when the data type is 'bool[]' /// Set to "Double" when the data type is 'double' /// Set to "DoubleArray" when the data type is 'double[]' /// Set to "String" when the data type is 'string' /// Set to "StringArray" when the data type is 'string[]' /// Set to "Indicator" when the data type is 'Indicator' /// Set to "Pattern" when the data type is 'Pattern' /// Set to "Signal" when the data type is 'Signal' /// Set to "Drawing" when the data type is 'Drawing' /// Set to "Symbol" when the data type is 'int' representing a symbol index. /// OPTIONAL ATTRIBUTES: /// (3) default: The default parameter value is only valid when the type is Integer, Boolean, Double or String. /// (4) min: The minimum parameter value is only valid when the type is Integer or Double. /// (5) max: The maximum parameter value is only valid when the type is Integer or Double. /// EXAMPLE: <param name="" type="" default="" min="" max="">Enter the parameter description here.</param> /// -------------------------------------------------------------------------------------------------- /// <param name="indicator" type="Indicator">Use for the underlying indicator on which to calculate the indicator script.</param> /// <param name="periods" type="Integer" default="14" min="1">Use for the number of periods to include in the indicator script calculation.</param> public void OnInitialize( Indicator indicator, int periods) { // Set the indicator. _indicator = indicator; // Set the number of periods. _periods = periods; } #endregion #region OnBarUpdate /// <summary> /// This function is used for calculating the indicator value for the latest bar (see the Indicator functions). /// </summary> /// <returns>The indicator value for the latest bar.</returns> public override double OnBarUpdate() { // Use for the sum of X times Y, sum of X, sum of Y, sum of X^2. double sumXY = 0; double sumX = 0; double sumY = 0; double sumXPower = 0; double LR = 0; // Iterate over the values while calculating the required values. for (int i = _periods - 1; i >= 0; i--) { sumXY += i * _indicator[i]; sumX += i; sumY += _indicator[i]; sumXPower += i * i; } LR = ((_periods * sumXY) - (sumX * sumY)) / (_periods * sumXPower - sumX * sumX); LR = (sumY - LR * sumX) / (double) _periods; return 100 * ((_indicator[0] - LR) / _indicator[0]); } #endregion #region OnChartSetup /// <summary> /// This function is used for setting up the indicator on the chart and registering its pens (see the IndicatorRegisterPen function). /// </summary> public override void OnChartSetup() { // Register a pen. IndicatorRegisterPen(0, "Positive Pen", new byte[] { 25, 200, 25, 255 }, IQ_DashStyle.SOLID, 2); // Register a pen. IndicatorRegisterPen(1, "Negative Pen", new byte[] { 175, 25, 25, 255 }, IQ_DashStyle.SOLID, 2); // Set the indicator in a new panel. IndicatorChartSetNewPanel(true); // Set a default plot style. IndicatorChartSetPlotStyle(IQ_PlotStyle.BOX_ZERO); } #endregion #region OnSelectPen /// <summary> /// This function is used for selecting a registered indicator pen with which to color the latest indicator value. /// Call the IndicatorRegisterPen function from the OnChartSetup function in order to register an indicator pen. /// </summary> /// <returns>The indicator pen index to use for coloring the latest indicator value.</returns> public override byte OnSelectPen() { // Check whether the indicator is going up. if (this[0] > 0) // Return the positive pen index 0 return 0; // The indicator is going down so return the negative pen index 1. else return 1; } #endregion } }

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