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
Melona OB Strategy 6th Update (by 3dots)
This indicator combines a WaveTrend-style oscillator with Squeeze Momentum and Supertrend tracking in a separate pane.
Repaints
GitHub stars3on the repository
Pine versionv5runs as is
Lines of code1,591
Settings40inputs
LicenceNone stated
Last update12 months ago31 Oct 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
Melona OB Strategy 6th Update (by 3dots) calculates channel moving averages to generate oscillator lines, plotting customizable overbought and oversold levels alongside crossover signal points. Users can toggle additional filter components including RSI, MACD, Stochastic, and ADX DI to refine signal conditions. Inputs allow full customization of ATR periods, channel multipliers, Bollinger Bands, and Keltner Channel lengths.
- WaveTrend oscillator with overbought and oversold zones
- Squeeze Momentum tracking using Bollinger and Keltner channels
- Supertrend calculation with adjustable ATR length and factor
- Optional signal switches for RSI, MACD, Stochastic, and ADX
Details
Published by
IAMATOMIC001 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
- Reads higher-timeframe data with lookahead on, so the history can show signals that were not there in real time
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Channel Length | int | 10 | n1 |
| Average Length | int | 21 | n2 |
| Over Bought Level 1 | int | 60 | obLevel1 |
| Over Bought Level 2 | int | 53 | obLevel2 |
| Over Sold Level 1 | int | -60 | osLevel1 |
| Over Sold Level 2 | int | -53 | osLevel2 |
| ATR Length | int | 10 | atrPeriod |
| Factor | float | 2.5 | factor |
| Source | source | close | source |
| Bollinger Bands Length | int | 20 | bbLength |
| Bollinger Bands MultFactor | float | 2 | bbMult |
| Keltner's Channel Length | int | 20 | kcLength |
Show all 40 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| Keltner's Channel MultFactor | float | 1.5 | kcMult |
| Use TrueRange (Keltner's Channel) | bool | true | useTrueRange |
| Signal Length | int | 5 | signalLength |
| Components of the Squeeze Indicator | bool | false | components |
| Lower Threshold | float | -1.0 | lowerThreshold |
| Upper Threshold | float | 1.0 | upperThreshold |
| Enable Trend Change Alert | bool | true | alertTrendChange |
| RSI | bool | false | swr |
| Length RSI | int | 14 | len |
| MACD | bool | false | swm |
| fastLength | int | 12 | fastLength |
| slowLength | int | 26 | slowLength |
| signalLength2 | int | 9 | signalLength2 |
| STOCHASTIC | bool | true | sws |
| K | int | 14 | periodK |
| D | int | 3 | periodD |
| Smooth | int | 3 | smoothK |
| ADX DI | bool | false | swx |
| DI Length | int | 14 | lenx |
| ADX Smoothing | int | 14 | lensig |
| threshold | int | 25 | th |
| Commodity Channel Index | bool | false | swc |
| length | int | 20 | length |
| Source | source | close | scc |
| MA Bullish | color | #2962FF | maColorUp |
| MA Bearish | color | #b42a2a | maColorDn |
| Period for Std Dev | int | 20 | period |
| Standard Deviation Scaler | int | 5 | stdDevScaler |
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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