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 v4 · Own pane
Squeeze Momentum Indicator Mod
This indicator modifies LazyBear's Squeeze Momentum indicator by scaling momentum values between 0 and 1.
GitHub stars114on the repository
Pine versionv4older, still runs
Lines of code43
Settings6inputs
LicenceNone stated
Last update1 year ago7 Nov 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
Squeeze Momentum Indicator Mod identifies market compression when Bollinger Bands contract inside Keltner Channels, plotting colored dots at the 0.5 baseline to show whether a squeeze is active, released, or neutral. A color-coded histogram displays the normalized linear regression momentum relative to the midpoint. Users can adjust Bollinger Band and Keltner Channel lengths and multipliers, toggle true range calculations, and display an optional smoothed signal line. The script renders entirely in an indicator pane below the chart.
- Normalized linear regression momentum oscillator
- Bollinger Bands and Keltner Channels squeeze detection
- Color-coded squeeze status dots
- Optional smoothed signal line overlay
Details
Published by
capissimo on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
Category
Volatility & bands, Oscillators & momentum
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 | 8 | length |
| BB MultFactor | float | 2.0 | mult |
| KC Length | int | 5 | lengthKC |
| KC MultFactor | float | 1.5 | multKC |
| Use TrueRange (KC)? | bool | true | useTR |
| Show Averaged signal Line? | bool | false | useval |
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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