Uses Bollinger band widths with limits set by a proprietary quadratic formula.
// study(title="Null's Master BBand Squeeze Indicator", shorttitle="Null BBW Master") source = close threshold = input(.1083) length = input(40, minval=1), mult = input(1.0, minval=0.001, maxval=50) basis = sma(source, length) dev = mult * stdev(source, length) upper = basis + dev lower = basis - dev bbw = (upper-lower)/basis overlayMode=input(false) plot(not overlayMode ? bbw : na, color=blue) add=(7E-18*pow(interval,5))+(-6E-14*pow(interval,4))+(2E-10*pow(interval,3))-(3E-7*pow(interval,2))+(.0002*(interval)+.001) v=isintraday==false ? threshold : add hline(v) c=close<basis?red:green bgcolor(bbw<=v?c:na,0)