Introduction to the Linear Regression Sketcher Indicator
The Linear Regression Sketcher Indicator is a variation of a standard Linear Regression indicator. There are differences, instead of showing just the liner regression value, that indicator is showing corresponding linear regression lines too. That way it indicates what is the best linear regression fit (and trend) at the given time and price. In the result, you can use in trading two values: the linear regression itself and the rate of change of the linear regression value.
The Linear Regression Sketcher Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Linear Regression Sketcher indicator in MetaTrader (MT5)?
Download the Linear Regression Sketcher.rar archive at the bottom of this post, unpack it, then copy and paste the Linear Regression Sketcher.ex5 or Linear Regression Sketcher.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Linear Regression Sketcher indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 and MT5 indicators to download and try.
Download Free Forex MT5 Linear Regression Sketcher Indicator
To download the Linear Regression Sketcher Indicator for Metatrader 5 (MT5) for free just click the button below: