BTC - Novel RPPI Indicator

Hey Everyone,

This is a collab effort between me (a statistician) and @Stein3d (A coder). So if you like this indicator, be sure to also give him the credit!

This a novel indicator theorized by me and applied by Stein3d. We are calling it the RPPI indicator, standing for Regression based Price Prediction Indicator.
This is specifically coded for BTC and cannot be used for alt coins or ETH.
This is pretty beta so your feedback and comments are encouraged!

I will keep it brief, but here is the run down:

What does it do:
The indicator does 3 main things:

1. Predicts bullish targets;
2. Predicts bearish targets;
3. Predicts close price

Who is it applicable for:
This is generally targeted to day trades, but it can have swing trade applications as well. Feel free to get creative with combining it with other indicators that you feel complement it well.

How does it work:
It uses statistical based regressive analysis of BTC to compare current price action to previous price action and determine where the natural high and lows will fall intra-day based on the current price action of the day.

How to use it:
This does not omit the need for technical analysis and chart interpretation; however, it sets realistic expectations of intra-day bullish and bearish price targets as well as its best guess of where the current day close is most likely to fall. Take a look at some of the images below:

The image is pretty self explanatory but you see that there are 2 bull and bear targets. The bull targets, of course, are listed in Green and the bear targets are listed in Red.

There is a dummy neutral support and resistance target which is listed in yellow and the close price is in the purple dotted line.

Of course these are all customizable.

I think that pretty much covers it in a nut shell but let us know if you have any other questions and also please provide feedback!

Thanks for checking it out!

本著真正的TradingView精神,該腳本的作者將其開源發布,以便交易者可以理解和驗證它。為作者喝彩吧!您可以免費使用它,但在出版物中重複使用此代碼受網站規則的約束。 您可以收藏它以在圖表上使用。