Squeeze Momentum Indicator [LazyBear] vX by DGT

Modified version of Squeeze Momentum Indicator [LazyBear] 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

Release Notes

Update
* Squeeze Release Alert Addition
* Pine Script v5 Update

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

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