The standard linear regression channel and support/resistance levels. If you anchor the beginning of a channel to the price maximum, the channel will be redrawn at each new price minimum. If the minimum is not refreshed within five bars, the indicator will draw a price label that will represent a strong support level after the channel has been broken through. Vice versa, for an up-channel.
The first picture shows channel anchoring, the second one shows price level processing.
1. Copy “MVV_LinearRegression .mq4” file to C:/Program Files/MetaTrader4/experts/indicators folder
and restart your MetaTrader.
2. Open Navigator/Custom Indicators panel and drag the indicator named “MVV_LinearRegression .mq4” to the
chart of any currency pair.
Click to Download: MVV_LinearRegression
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