This indicator overlays a population-sampled linear regression channel with standard deviation bounds onto the price chart to evaluate price distribution and pivot momentum.
1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Pivot and Price Discovery calculates statistical moments including mean, variance, skewness, and kurtosis to identify trend exhaustion and upcoming pivots. Configurable options allow displaying projected future movement ranges, break-of-channel highlights, multiple support and resistance models (such as Fibonacci, Camarilla, or Woodie), and an on-screen statistical moment history dashboard.
Linear regression channel with configurable standard deviation bounds
Statistical moments tracking mean, variance, skewness, and kurtosis
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Source
source
ohlc4
src
Lookback Length
int
56
len
Model Deviation
float
2.0
i_deviation
Extend Lines?
bool
false
extendit
Show S&R Levels
bool
false
showBounds
S&R Type
string
Fibonacci
type_SR_Input
Show when Channel is Broken?
bool
false
showbroken
Show Moment History Table
bool
true
momenthistory
Show Future Movement Range?
bool
true
forwardrange
Show Real-Time Momentum Indicator Status?
bool
true
indicatorPeek
Show Critical Skew and Kurtosis Indicators on Chart?
bool
false
showCritOnChart
Analyze Multiple Timeframes
bool
false
multiframeAnalysis
Show all 17 settings
Setting
Type
Default
Variable
brokencol
color
color.rgb(255, 156, 102)
brokencol
Up/Down Regression Trend Colors
color
color.rgb(90, 200, 90, 60)
upcol
dncol
color
color.rgb(255, 82, 82, 60)
dncol
Line Width
int
2
widt
Background Color
color
color.rgb(4,4,4)
bkcolr
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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