Linear regression candles on TradingView are a technical analysis indicator that uses linear regression to draw a line through the open, high, low, and close prices of a candle. The line is then used to identify support and resistance levels, as well as trend reversals. The Linear Regression Candles indicator is available for free on TradingView. To add it to your chart, search for "Linear Regression Candles" in the indicator library. Once you have added the indicator, you can customize the settings to fit your trading style. Here are some of the settings that you can customize:
Period: The number of candles that are used to calculate the linear regression line.
Deviation: The amount of deviation from the linear regression line that is considered to be a support or resistance level.
Color: The color of the linear regression line and the candles.
The Linear Regression Candles indicator can be a useful tool for identifying support and resistance levels, as well as trend reversals. However, it is important to remember that no indicator is perfect, and the Linear Regression Candles indicator should not be used as the sole basis for making trading decisions. Here are some additional tips for using the Linear Regression Candles indicator:
Use the indicator in conjunction with other technical analysis indicators to confirm signals.
Pay attention to the direction of the trend before entering a trade.
Use stop-losses to protect your profits.
The Linear Regression Candles indicator can be a valuable tool for technical analysis traders. However, it is important to use it wisely and in conjunction with other indicators to confirm signals.
