dgtrd

Squeeze Momentum Indicator [LazyBear] vX by DGT

Modified version of Squeeze Momentum Indicator visualizing on Price Chart

author: LazyBear, modified by KıvançÖZBİLGİÇ
Release Notes: small update: Keltner Channel calculations replaced by kc(series, length, mult, useTrueRange) build-in function
Release Notes: enhancement

The Squeeze Indicator measures the relationship between Bollinger Bands and Keltner's Channels to help identify consolidations and signal when prices are likely to break out (whether up or down).
The Squeeze Indicator finds sections of the Bollinger Bands which fall inside the Keltner's Channels and in this case the market is said to be in a squeeze (indicator turns off, displayed with grey diamond shapes in this study)
When the volatility increases, so does the distance between the bands, conversely, when the volatility declines, the distance also decreases and in such cases the squeeze is said to be released (indicator turns on, displayed with triangle up or triangle down shapes)

To produce Buy/Sell signals, the Squeeze indicator is plotted along with Momentum Oscillator
When the indicator is on and the Momentum Oscillator Histogram is green, it is considered a Buy signal (this signal is supposed to be correct until two green bars in a row).
When the indicator is on and the Momentum Oscillator Histogram is red, it is considered a Sell signal (this signal is supposed to be correct until two red bars in a row).
When the market finishes a move, the indicator turns off (grey) and no trade is recommended
Release Notes: Update

- Multi TimeFrame ability added

- The Squeeze Indicator measures the relationship between Bollinger Bands and Keltner's Channels, hence made them optionally visable

- Removed Label


Open-source script

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.

Want to use this script on a chart?

Comments

this is really clever--thanks for publishing!
+2 Reply
dgtrd misterstealyourgirl
thnak you @misterstealyourgirl,

with this study i have reworked the study of @LazyBear and @KivancOzbilgic

Squeeze captures the moments where a market is in a period of consolidation right before a big move and is assumed to predicts the subsequent direction of that move
+3 Reply
thank you a lot you inspire me with all your work I want to learn haha I like want you r doing respect respect to you 👍🏻
Reply
hi,what do the grey diamonds tell us?
Reply
dgtrd ajit8d
hello @ajit8d,

The Squeeze Indicator measures the relationship between Bollinger Bands and Keltner's Channels to help identify consolidations and signal when prices are likely to break out (whether up or down).

The Squeeze Indicator finds sections of the Bollinger Bands which fall inside the Keltner's Channels and in this case the market is said to be in a squeeze (indicator turns off - no trade is recommended, displayed with grey diamond shapes in this study)
+1 Reply
Trying to add script to webull. it comes up with the following errors:

ine 26: Before they are used, all variables have to be declared.
line 26: This variable is not callable.
line 27: The function call parameters do not match the function signature.

I am no coder so I do not know how to fix.

Any help would be appreciated.
Reply
dgtrd zeroin
hello @zeroin, webull is a different platform and probably has its own syntax of coding (as Pine is specifc for TradingView) . i would wish to help but i do not have any experience on webull
+1 Reply
Amazing stuff!
Does it repaint?
Reply
dgtrd VasuChhabra
Thank you @VasuChhabra, credits goes to @LazyBear, who developped, and @KivancOzbilgic, who enchanced. My attempt was to interpret visualization on top of the price chart and made a small correction (not much of importance). Regarding repaint it does not include any logic to prevent repainting and probably is not needed assuming the original version of the study is the top liked study ;-)

Cheers
Reply