This indicator computes a momentum value via linear regression on the difference between close price and a mid-value average that blends highest-lowest range and high-close average over the Keltner Channel length.
Squeeze Momentum [trugurpala] overlays Bollinger Bands and Keltner Channels to identify squeezes when price bands compress. The script renders a momentum histogram in a separate pane with green or red coloring based on slope changes, plus plot shapes for Squeeze On (red), Squeeze Off (green) and no-squeeze (gray) events. Inputs control Bollinger and Keltner lengths and multipliers. Alerts fire on squeeze release. The tool draws purely on the price chart in a dedicated pane and does not repaint.
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
bbLen
BB Mult
float
2.0
bbMult
KC Length
int
20
kcLen
KC Mult
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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