Modified Linear Regression indicator for MetaTrader (MT4) by MetaQuotes Software Corp.

SPECIFICATION

To modify this free MT4 indicator: Linear Regression indicator (link: [login to view URL]). The basic indicator itself is fine as is and needs no changes made to it. The modification is to add an upper and lower band on either side of it. The values for both bands are to be determined by the Average True Range (ATR) indicator which comes as standard with MT4. The upper band will be the current Linear Regression (LR) value plus the current ATR value. The lower band will be the current LR value minus the current ATR value. The upper and lower bands will mirror one another with the main LR indicator running through the middle of them. The important point to note is that the additional bands reference the LR indicator itself and not the current price. The modified LR indicator will be very similar to the Keltner Channel indicator (link: [login to view URL]) which references a moving average, as opposed to the LR indicator. The upper and lower bands must constantly update in real time, in tandem with the LR indicator itself, and not just be a static line based on the open, high, low or close of the previous bar.

EXAMPLE

The German Dax equity index is trading at around 11,000. Looking at an M15 chart, the LR indicator has a value of 11,043 and the ATR has a value of 52.0. The modified LR indicator will plot an upper band with a value of 11,095 (11,043 + 52.0) and a lower band with a value of 10,991 (11,043 - 52.0). As mentioned above, these values will change constantly as price changes, and only become fixed when the current M15 bar closes and a new one opens.

ESSENTIAL

Within the indicator’s parameters, under the ‘Inputs’ tab, it must be possible to:

1. Change the number of ATR periods, with a default setting of 14.

2. Change the ATR multiplier in increments of 0.1 (e.g. 1.0 x ATR, 1.1 x ATR, 1.2 x ATR, 1.3 x ATR etc.), with a default setting of 1.0.

3. Change the colours of the upper and lower bands independently of the main central LR indicator, along with their respective width and style.

4. Set an audio alert which is activated when price hits either the upper or lower bands.

DESIRABLE (but not essential)

In addition to the essential features, ideally it would also be possible to:

1. Have unlimited ATR multipliers. Failing that, a range of 0.5 to 3.5 will suffice.

2. Change the colours of the upper and lower bands independently of one another, so that the upper band is in one colour and the lower band is in another colour.

3. Set a text or e-mail alert when price hits either the upper or lower bands.

Further details - if required - can be provided upon request.

Metatrader

Nº du projet : #8254034

À propos du projet