Linear Regression Channel Screener [Daveatt]

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Hello traders

First and foremost, I want to extend a huge thank you to LonesomeTheBlue for his exceptional Linear Regression Channel indicator that served as the foundation for this screener.
Original work can be found here:

Overview

This project demonstrates how to transform any open-source indicator into a powerful multi-asset screener.
The principles shown here can be applied to virtually any indicator you find interesting.

How to Transform an Indicator into a Screener

Step 1: Identify the Core Logic

First, identify the main calculations of the indicator.
In our case, it's the Linear Regression
Channel calculation:

Pine Script®

Step 2: Use request.security()

Pass the function to request.security() to analyze multiple assets:

Pine Script®

Step 3: Scale to Multiple Assets
PineScript allows up to 40 request.security() calls, letting you monitor up to 40 assets simultaneously.

Features of This Screener

The screener provides real-time trend detection for each monitored asset, giving you instant insights into market movements.
It displays each asset's position relative to its middle regression line, helping you understand price momentum.
The data is presented in a clean, organized table with color-coded trends for easy interpretation.

At its core, the screener performs trend detection based on regression slope calculations, clearly indicating whether an asset is in a bullish or bearish trend.
Each asset's price is tracked relative to its middle regression line, providing additional context about trend strength.
The color-coded visual feedback makes it easy to spot changes at a glance.
Built-in alerts notify you instantly when any asset experiences a trend change, ensuring you never miss important market moves.

Customization Tips

You can easily expand the screener by adding more symbols to the symbols array, adapting it to your watchlist.
The regression parameters can be adjusted to match your preferred trading timeframes and sensitivity.
The alert system is already configured to notify you of trend changes, but you can customize the alert messages and conditions to your needs.

Limitations

While powerful, the screener is bound by PineScript's limitation of 40 security calls, capping the maximum number of monitored assets.

Using AI to Help With Conversion

An interesting tip:
You can use AI tools to help convert single-asset indicators to screeners.
Simply provide the original code and ask for assistance in transforming it into a screener format. While the AI output might need some syntax adjustments, it can handle much of the heavy lifting in the conversion process.

Prompt (example): "Please make a pinescript version 5 screener out of this indicator below or in attachment to scan 20 instruments"

I prefer Claude AI (Opus model) over ChatGPT for pinescript.

Conclusion

This screener transformation technique opens up endless possibilities for market analysis.

By following these steps, you can convert any indicator into a powerful multi-asset scanner, enhancing your trading toolkit significantly.

Remember: The power of a screener lies not just in monitoring multiple assets, but in applying consistent analysis across your entire watchlist in real-time.

Feel free to fork and modify this screener for your own needs.
Happy trading! 🚀📈
Daveatt