Use with bollinger bands, it highlights more recent price range. Wen price action tightens it will change color from green to orange and then red. This indicator uses a low timeframe and shows the upcoming mini-squeezes much faster and visually fits into bbands.
Release Notes
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You can now input price threshold percentage for when it changes color. Lower the values for stocks, it should be green most of the time and turn red when it's about to squeeze.