Features List Includes:
"Extend Method" option to extend or not extend the upper, medial, and lower channeling
Showcased in the chart below is my free to use "Enhanced Indicator", having a common appeal to TV users frequently. If you do have any questions or comments regarding this indicator, I will consider your inquiries, thoughts, and ideas presented below in the comments section, when time provides it. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
One major upgrade is, I added a correlation label mimicking TV's built-in version(displayed above too), yet this one is less likely to disappear off your chart. It will appear green in color with a positive upward trend and then red with a negative downward trend. You may also hover on this label revealing "tooltip=" contents, TV's NEW label.new() parameter. Two values will be displayed "onHover" showing Pearson's correlation coefficient(r) and the coefficient of determination(r2) with very high decimal precision.
All of this is surprisingly possible with the ever evolving "Power of Pine" condensed to only 20 lines of super compact Pine Script, the same tiny footprint as my original formulation. Thank you everyone for your kind support, and I will continue supporting the TradingView community within my power, as I have for two years now. MANY, MANY great things are in store for TV members via Pine in 2020 and onward... Yep, Pine's unrelenting destiny to come is even more empowerment to the great people of this quantitative community. It's only getting better folks!
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.