The indicator was first proposed by Mel Widner (“Technical Analysis of Stocks & Commodities” magazine, July 1995). Along with similar indicators, such as price channels, envelopes or Bollinger bands, it allows you to define the borders of price ranges.
SlopeHigh – regression line slope of High prices in the Period range;
SlopeLow – regression line slope of Low prices in the Period range.
Interpretation:
When the price reaches the upper border, it is considered to be at the resistance level. The market is overbought;
When the price is located on the lower border, the market is oversold.
In order to sort out signals, use a a detrending oscillator to exclude the trend component, since overbought/oversold levels may be constantly updated by new prices during strong trends, which leads to false signals and losses.
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