Some traders like to use the linear regression to gauge an understanding of the current market. Here you can download a Linear Regression Line Indicator for MT5 (Metatrader 5).
What Is The MT5 Linear Regression Line Indicator
The Linear Regression Line indicator for MT5 is similar to a moving average, but different.
Through a series of formulas the indicator automatically creates a line from the linear regression.
The Regression Line closely follows the price similarly to what a regression channel would do.
A Regression Line is one way of using Linear Regression in Metatrader.
In the article about Linear Regression Indicator for Metatrader you can find other indicator that you might want to consider.
Why Is The MT5 Linear Regression Line Indicator Useful
Linear Regression Line is one way of spotting the current trend of the market.
If the line is pointing upwards it means that there is a current uptrend in that time frame.
Conversely, if the line is pointing downwards, there is a downtrend.
It is also to notice that usually the price tends to come back to the line.
You can see the line is similar to a moving average however it is also different.
The line follows the most recent point of the linear regression, so that instead of an average, it follows the price more accurately.
How To Download And Use The MT5 Regression Line
You can Download the FREE indicator with the link at the bottom of this page and install it following the below instructions.
The installation is very easy to perform, same is the use.
Once you run the Indicator you can set the parameters.
You can select how many candles to use for the calculation of the channel and how many of the most recent bars not to consider.
To install the Indicator please follow the instructions below:
- Download the indicator file
- Open the Metatrader Data Folder (In File > Open Data Folder)
- Open the MQL5 Folder
- Copy the file in the Indicators
- Restart Metatrader
For more detailed instruction on how to perform the installation please visit this article.
Please feel free to leave a feedback regarding the indicator or Contact Us for anything else.