The Linear Regression Sketcher Indicator is a standard Linear Regression indicator variation. However, there are differences; instead of showing just the linear regression value, that indicator also shows corresponding linear regression lines. That indicates the best linear regression fit (and trend) at the given time and price. In the result, you can use trading two values: the linear regression itself and the rate of change of the linear regression value.
The Linear Regression Sketcher Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified now from the input tab. Feel free to experiment with the settings and parameters to fit your preferences.
How can the Linear Regression Sketcher indicator be set up in MetaTrader (MT5)?
Download the Linear Regression Sketcher.zip archive at the bottom of this post, unpack it, then copy and paste the Linear Regression Sketcher.ex5 or Linear Regression Sketcher.mq5 indicator files into the MQL5 folder of the MetaTrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator, find the gauge name, right-click it, and select Attach to the chart.
The Linear Regression Sketcher indicator is well worth adding to your trading collection. A good forex indicator will enhance your chance of success. Nonetheless, remember to have realistic expectations. Like any other technical analysis tool, it cannot provide accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your trading system based on it. Don’t forget that we still have more great free forex MT5 indicators to download and try.