Tutorial 49-2 | Linear regression using just today’s bars

This new version of tutorial 49 (_Tutorial49-use bars in day) is very similar to the program in tutorial 49, except in this case the linear regression is calculated and drawn solely for the bars that have formed for the current day (or the most recent day).

_Tutorial49-use bars in day works with TradeStation (8.7 forward) and MultiCharts.

This tutorial uses the code originally written for tutorial 48 and tutorial 49 that creates a line using linear regression that best fits chart data. The linear regression technique uses the least squares method to calculate the slope and y-intercept of this line.

As in Tutorial 49, the standard deviation of the right most end of the regression line is calculated in order to create a channel made up of two parallel lines above and below the linear regression line. These lines are drawn a user input multiple of standard deviations above and below the original linear regression line.

Since this new tutorial program is ONLY using today’s bars the distance of the parallel lines differs from those in the standard program which also uses the value of the right most end of the regression line from the previous day(s) depending on the NumBars setting. In this new program the NumBars input does not exist.  Rather NumBars has been re-purposed as a variable and incremented each bar after the start of the day.

The new program also replaces a nested If…then, structure with Switch… Case syntax when applying the display options (see below).

Click here to download a copy of the program created in this tutorial together with the new bonus program for $29.95:

The tutorial includes three different options for displaying the channel:

Option 1 (left)

In the first option the channel is drawn from the start of the day to the last bar. It is updated for each new bar.

Option 2 (middle)

A new channel is drawn every time a new bar is printed from the first bar of the day to the current bar.

Option 3 (right)

The channel is drawn when the show me study is first applied to the chart and doesn’t change.

Click here to download a copy of the program created in this tutorial together with the new bonus program for $29.95:
You might also be interested in program 63. Program 63 draws linear regression lines, and then creates a smoothed plot based on the linear regression end point. It also offers the option to plot oscillators based on non-smoothed plots.

Tutorial 49-2 | Linear regression using just today’s bars video

This video demonstrates how the tutorial 49 program was modified to just use today’s bars.

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