This indicator plots a TTM Squeeze momentum oscillator in a separate pane. It compares a Bollinger Band offset to a Keltner Channel offset and marks the zero line white when the difference is non-negative and black when the bands are inside the channel. A line
Indicator · Pine Script v5 · Own pane
ADX + Squeeze Momentum Indicator
This indicator combines a squeeze momentum histogram with an ADX line in a separate pane.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code92
Settings8inputs
LicenceNone stated
Last update2 years ago14 Mar 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
The squeeze part compares Bollinger Bands with Keltner Channels and marks the squeeze state with coloured crosses on the zero line, while the histogram shows a linear regression momentum value coloured by direction. The ADX line changes colour as it rises or falls, next to an adjustable key level. ADX and key level are blank on the one-minute chart.
- Squeeze state from Bollinger and Keltner bands
- Linear regression momentum histogram
- ADX line with rising and falling colours
- Adjustable ADX key level
Details
Published by
MarcYourMind on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Oscillators & momentum, Volatility & bands
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
File
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| BB Length | int | 20 | length |
| BB MultFactor | float | 2.0 | mult |
| KC Length | int | 20 | lengthKC |
| KC MultFactor | float | 1.5 | multKC |
| Use TrueRange (KC) | bool | true | useTrueRange |
| ADX Smoothing | int | 14 | adxlen |
| DI Length | int | 14 | dilen |
| key level for ADX | int | 23 | key level for ADX |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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