Trailing Linear Regression
Overview
Similar to the Linear Regression tool, but where that tool is applied manually the Trailing Linear Regression applies to the chart automatically, with the Bar properties determining how far back the line extends from the last bar on the chart.
In this example the Trailing Linear Regression tool has been set to 44 bars (about 2 trading months) and will always find the line of best fit for the last 44 bars on the chart, so the line will automatically adjust when new data is downloaded.
To add the tool to your chart, select the tool from the Statistical tool group, and left-click on the chart or indicator on which you wish to add the tool. Optuma will then draw the tool using the default settings.
Actions & Properties
Actions
Add Line Alert: Selecting this action will set a Line Alert based on the selected line.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Trailing Linear Regression tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Trailing Linear Regression tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Trailing Linear Regression to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Properties
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structures Panel.
Look Back Type: Allows you to swap between a manually set number of bars, or for the tool to auto adjust to use all bars in view, as you zoom in/out of the chart.
Bars: When Look Back Type is set to Bars, allows you to set the number of bars the tool will use in the calculation.
Calc Using: This option is used to determine which components of the data are used in calculating the Trailing Linear Regression. You can choose from Open Price, Closed Price, High Price, Low Price, HL (High + Low / 2), HLC (High + Low + Close / 3), OHLC (Open + High + Low + Close / 4), OC (Open + Close / 2), Median.
Show Bands: Available from Optuma 2.0 and onward, the Trailing Linear Regression tool can be displayed with bands above / below the center line. Ticking this checkbox will bring the bands into view.
Upper Std Dev: The distance of the bands from the center line is set by a standard deviation value. Two Standard Deviations are used by default for the upper band line.
Lower Std Dev: The distance of the bands from the center line is set by a standard deviation value. Two Standard Deviations are used by default for the lower band line.
Line Style: The Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
Line Width: Allows you to adjust the width of the Trailing Linear Regression line. Moving the slider bar to the right increases the thickness of the line.
Line Colour: Allows you to adjust the colour of the Trailing Linear Regression line.
Extend Left: Extends the Trailing Linear Regression line to the left of the chart.
Extend Right: Extends the Trailing Linear Regression line to the right of the chart.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.