MVV_LinearRegression - Indicator for MetaTrader 4

The indicator is based on the standard linear regression channel and support and resistance levels. If the formation of the descending channel starts from the price maximum, the channels will be redrawn at each new minimum. If the price minimum is not updated during five bars, the indicator will draw a label that automatically becomes the support level after the broken channel. For the rising channel, everything happens vice versa.

This tool works best when applying a correction to the wave. Breakdown of the channel indicates the end of the correction, and the price touching the mark can be regarded as a continuation of the trend.