Oculus Elite Linear Regression Channel

Oculus Elite Linear Regression Channel
Version 1.0 | Pine Script v6

Overview
The Oculus Elite Linear Regression Channel overlays a data-driven trend channel on your chart by fitting a best-fit regression line to price, then projecting upper and lower bounds based on volatility. It adapts dynamically to market conditions, providing a clear visual framework for identifying trend direction, mean-reversion opportunities, and breakout strength.

Key Features

Median Regression Line
Calculates the linear regression of your chosen source over the specified lookback length, and colors the line green on up-sloping trends and red on down-sloping trends.

Volatility-Based Bands
Upper and lower channel boundaries plotted at a user-defined multiple of the standard deviation from the regression line.

Configurable Fill
Optionally shade the area between bands for enhanced visual clarity.

Touch & Breakout Alerts
Built-in alert conditions trigger when price crosses into or submits a close beyond either channel band.

Slope-Change Labels
Labels appear when the regression slope changes direction, marking potential trend inflection points.

How to Use

Apply the Script – Best on intraday or shorter-term charts (1 m–1 h).

Set Inputs – Adjust regression length, deviation multiplier, and select your price source.

Interpret the Channel

Trend Direction: Follow the colored median line’s slope.

Mean Reversion: Watch for price approaching the regression line after touching a band.

Breakouts: Trade breakouts when price closes beyond the bands (confirm with alerts).

Manage Alerts – Enable touch or breakout alerts to receive notifications when key levels are tested.

Inputs

Regression Length: Number of bars to include in the linear regression (default: 100)

Deviation Multiplier: Standard-deviation multiple for band width (default: 2.0)

Source: Price series to regress (default: close)

Show Median Line: Toggle regression line visibility

Show Bands: Toggle upper/lower band visibility

Fill Between Bands: Toggle shading between bands

Alert on Band Touch: Enable alerts when price crosses a band boundary

Alert on Band Breakout: Enable alerts when price closes beyond a band

Version History

1.0 – Initial release with dynamic regression, volatility bands, alerts, and slope labels.

Disclaimer
This indicator is provided for educational purposes. Always backtest with your own parameters and apply disciplined risk management before trading live.