I already made an indicator (simple line) that tried to make lines on price such that the results would not repaint and give a good fit to the price, today i publish a channels indicator based on the simple line indicator. The indicator aim to show possible levels when the central line posses a low sum of squares with the price, a linear extrapolation was also provided in order to show possible future price positions respective to the channels.
The emphasis parameter of the simple line indicator has been removed, instead we keep length and mult as numerical input parameters. In general length control how persistent the lines are, larger values will create longer lines on average, mult help make the line fit to the price better but might as well affect how spread the channels are as well as the lines average length. When mult > length the lines will fit better the price while when length >= mult the fit might not be the best.
The point parameter allow you to fix the indicator when using it on high market price values or when the indicator exhibit a weird behaviour.
point = false on btcusd
point = true
If the lines still does not fit well enough try to lower length.
I know this might result inconvenient in so many ways but i'am working on simplifying things. Therefore some larger price values might use lower length and use mult instead. For market not using the point parameters a settings of : length > 1 and mult = length*2 might provide a good to go setup.
The channel spreading parameter allow to make spread the channels by a certain factor.
I'am still not good with line extensions, if it bother you deactivate the extrapolation parameter. Sorry for the inconvenience.
It is possible to make non repainting linear indicators, and i'am working on some of them. While some might argue that price is not linear thus not requiring the use of linear indicators it can still be interesting to use those if they, unlike the , don't repaints and provide a way to change their directions according to the price trend.
Thanks for reading !
An issue regarding the linear extrapolation showing up several lines during line direction change should be fixed
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You can also check out some of the indicators I made for luxalgo : https://www.tradingview.com/u/LuxAlgo/#published-scripts
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.