Slopestat Layout | LifelongEdge

SlopeStat Layout

Slope Stat Layout

The slope of the 30 period regression line on a daily time frame provides great insights into the turning points of the trend. This score is reviewed on a 180 day lookback basis to create the z-score.

There are three layouts available

SlopeStat.LM - SlopeStat layout in light mode

SlopeStat.DM - SlopeStat layout in dark mode

SlopeStat.Scan - Scans for detecting when SlopeStat is signaling a turn in the slope

There are four columns above with the following calculations​

• Slope_RL30: The numerical value of the slope of the 30 period regression line. Slope_RL30: The numerical value of the slope of the 30 period regression line.

• ZS_SlopeRL30_180: The Slope_RL30 over a 180 bar lookback converted into a z score. ZS_SlopeRL30_180: The Slope_RL30 over a 180 bar lookback converted into a z score.

• Avg_SlopeRL30_180: The average value of the Slope_RL30 over a 180 bar lookback period. Avg_SlopeRL30_180: The average value of the Slope_RL30 over a 180 bar lookback period.

• SD_SlopeRL30_180:The standard deviation of the Slope_RL30 over a 180 bar lookback period. SD_SlopeRL30_180:The standard deviation of the Slope_RL30 over a 180 bar lookback period.

For convenience, two columns connected to the Red Time Frame link are also provided.

The indicator on a chart is shown below.

ZS_SlopeRL30_180: Red Timeframe link, plotted as a histogram.

Colors are interpreted as:

Green: z score is positive, Red: z score is < 0

Yellow: z score turned up, Orange: z score turned down

Avg_SlopeRL30_180: is also plotted on the same chart as z score as it is useful to know if average is sloping up or down. Average is on its own scale, plotted to center on zero with the z score.

Slope_RL30: The actual slope value. The change in the slope mirrors its z score, just on a different scale. To avoid clutter we hide the plot by changing its opacity to zero. If you’d like to see the actual value you can make it visible.

You can also scan for when the Z-Score turns up or down as well as when it crosses from a particular level. We have the following pre-built scans with the corresponding screen shots below

1. Shows when the SlopeRL30 is turning down or turning up.

2. When the Z-Score is above Z3, implying an overbought issue, and when the Z-Score turns down and falls below Z3.

3. When the Z-Score is below -Z3, representing oversold issue, and when the Z-Score turns up and crosses above -Z3.

Note in the scan PZ3 means Plus Z3 and MZ3 means Minus Z3 and so on.