The Dow Theory - Linear Regression Channel - Minor Trend

I've seen many indicators using the linear regression channel. However, their main drawback is that they average price over a fixed number of candles. The channel lines themselves are based on smoothed prices and a smoothed calculation of the width.

I didn’t want to follow the same approach — I wanted something that doesn’t rely on price averages. Something that can read the market segment by segment.

So I switched to a different approach, and that’s when I discovered Dow Theory.
I began by analyzing the smallest wave that can be meaningfully studied — and this is it: the minor trend of Dow Theory.

All market phases are present, even within a minor trend.
Accumulation and distribution phases are represented by black lines, while wave up or down movements are marked with orange or blue (you can customize these colors).

Main Features:

Continuous linear regressions with no gaps. No repainting. No price smoothing used.

Customizable colors for uptrend, downtrend, and sideways phases.

Can be used to identify structure alignment across minor, intermediate, and primary trends.

Enjoy.