This indicator measures market consolidation and breakout phases by computing a scaled Relative Strength Index (RSI) on normalized price data. It identifies chop zones when the RSI oscillates between 40 and 60, highlighting tight consolidation between 45 and 5
Indicator · Pine Script v5 · Own pane
Bollinger Squeeze Indicator
The Bollinger Squeeze Indicator measures volatility contraction by comparing Bollinger Bands with Keltner Channels.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code24
Settings4inputs
LicenceNone stated
Last update11 months ago17 Nov 2025
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
Bollinger Squeeze Indicator calculates standard deviation-based bands and ATR-based channels around a simple moving average. When the Bollinger Bands contract inside the Keltner Channels, the script detects a volatility squeeze. It plots a column histogram in a separate pane to indicate active squeeze, squeeze release, or neutral states. Inputs allow customization of lengths and multipliers for both the Bollinger Bands and Keltner Channels.
- Bollinger Bands and Keltner Channels squeeze detection
- Separate pane histogram plotting squeeze state
- Configurable lengths and multipliers for ATR and standard deviation
Details
Published by
surajmateti on GitHub
Type
Draws
Separate pane below the chart
Category
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.
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 StdDev Multiplier | float | 2.0 | mult |
| KC Length | int | 20 | kcLength |
| KC Multiplier | float | 1.5 | kcMult |
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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