This is a nice lower study to be used along with R Squared. If you are using a dark color background chart, be sure to change the plot line colors for better visibility:

 

Code

Indicator: Lin Regression Slope inputs: Price ( Close ), Length( 20 ), UpLineColor( Green ), DnLineColor( Red ) ; variables: LRS( 0 ) ; LRS = LinearRegSlope( Price, Length ) ; Plot1( LRS, "LRS" ) ; if LRS > 0 then SetPlotColor( 1, UpLineColor ) else SetPlotColor( 1, DnLineColor ) ; Indicator: RSquared inputs: Price( Close ), LinearRegLength( 20 ), RSquaredLength( 20 ), Threshold( 0.2 ), AlertBarLength( 1 ), ChartRSquaredColor( Yellow ), ChartThreshLineColor( Red ), RadarAlertBGColor( Red ), RadarAlertTextColor( Black ), RadarNoAlertBGColor( Black ) , RadarNoAlertTextColor( White ) ; variables: ApplicationType( 0 ), AlertBarNum( 0 ), LinRegVal( 0 ), RSquared( 0 ) ; if CurrentBar = 1 then ApplicationType = GetAppInfo( aiApplicationType ) ; LinRegVal = LinearRegValue( Price, LinearRegLength,0 ) ; RSquared = RSquare( Price, LinRegVal, RSquaredLength ) ; Plot1( Threshold, "R^2Trig" ) ; Plot2( RSquared, "R^2" ) ; if RSquared crosses over Threshold then AlertBarNum = CurrentBar ; if ApplicationType = cRadarScreen then begin if CurrentBar < AlertBarNum + AlertBarLength then begin SetPlotBGColor( 2, RadarAlertBGColor ) ; SetPlotColor ( 2, RadarAlertTextColor ) ; Alert( "RSquared crossing up through " + "threshold level." ) ; end else begin SetPlotBGColor( 2, RadarNoAlertBGColor ) ; SetPlotColor ( 2, RadarNoAlertTextColor ) ; end ; end else begin SetPlotColor( 1, ChartThreshLineColor ) ; SetPlotColor( 2, ChartRSquaredColor ) ; end ;

Curious what your indicator does, could you post a screenshot of a chart?

I use an indi called linear regression High/Low on TS.

Thanks.