A smooth non-normalized oscillator implemented in the form of a color histogram.
How does trend change? How to select flat? How to trade? ... etc.
If we assume that the trend of N bars is a straight line, we can calculate the parameters of this line. Equation of the line is y = bx + c. The line slope is characterized by the "b" coefficient. The indicator calculates this parameter by linear regression for every bar and displays it in a separate window. Color green shows that the value that is greater than the previous one, i.e. the angle increases, the red means just the opposite.
In fact, in relation to charts, the "b" coefficient is derived from two factors - from the tangent of the angle line and the coefficient that characterizes the pair, so the scale of the indicator values is different for different pairs.
How to use the indicator? In my opinion, there are several options:
Fig. 1. The TrendLinearReg indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1884
A non-normalized oscillator.StepRSI_v5.2
A trend indicator that uses the oscillator analogue of RSI and its signal line. It is drawn as a colored cloud.