This indicator is for TradeStation(TM) and plots a histogram which shows the slope of the linear regression line (a best-fit line that depicts the trend over a given number of bars of data) over a configurable number of bars of your chart's data1 - data2.
Specifically this indicator was designed for use on a 1 minute chart where you have placed $ADV as your data1 and $DECL as your data2. As you know, analysis of the advancers - decliners (total NYSE advancing minus declining stocks) is an important part of our "filters". The recent slope of the advancers - decliners can be used to determine a bullish or bearish bias.
Our indicator simply plots the current slope of the best-fit line (linear regression line) over the last 21 bars of 1 minute data. The bar length can be configured as suits your needs. The histogram can show you if the current slope of the advancers-decliners is starting to flatten out or reverse direction, in addition to whether the slope is in general bullish (positive) or bearish (negative).
Light gray or dark gray bars indicate that data being retrieved to calculate the slope includes some of yesterday's data.
You may download the indiicator here: http://puretick.com/files/TTW_LINREGSLOPE.ELD
If you already have a 1 minute chart with the $adv and $decl on it to plot the advancers - decliners, simply place this indicator on that chart.
We provide no technical support or guarantees on the effectiveness of the above indicators/scripts. Any trading losses or software/hardware issues incurred as a result of applying these scripts are not our responsibility. Please make use of them at your own risk.
However, if you do have questions feel free to e-mail or IM (instant message) us. Many of the scripts are used by us personally. Some scripts we programmed/modified ourselves or found freely available through the public domain. Others were donated by various contributors (including yourselves). Thank you!