The Squeeze indicator is an interesting theory that says if Bollinger Bands engulf the Keltner Channel, that the market is trending, and if not, that the market is in consolidation.
How to interpret:
When the indicator is positive, the market is trending. When the indicator is negative, the market is in consolidation.
Great work
I will adjust for micro e-mini futures on the 5 min chart. I will also add green/red colors and a arrow pointing in the direction of the trend.
Thanks
racer8
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@forestcall, Interesting, I can't wait to see what you produce.
forestcall
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@racer8, I was going to give it to you. It's your code, I'm just making a version 2, I suggest we just keep the name and have version 2. So in the settings, you can choose versions 1 or 2.
Or we name it "Speed Racer8"
youtube.com/watch?v=suCm1w_KTiY
bright_infinite
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I love how simple and effective your code is. There are some really brilliant and generous coders on TV, but I haven't seen many who can post up such usable and easy to understand scripts. Much thank.👍🏽
tomswebins
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Hi this is fantastic, does it report upon close bar ?
racer8
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@tomswebins, thanks. Your question is hard to understand.
Joy_Bangla
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Mate, this is awesome indicator. However, I am trying to undrstand the colors. May you give some small descriptions?
I realize above the zero line, it indicates momentum (trending market). Below it is ranging/consolidation market
However, what about the different colors ?
racer8
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@Joy_Bangla, the extra colors simply show whether the indicator is increasing or decreasing. Just curious, are you Australian or British?
I will adjust for micro e-mini futures on the 5 min chart. I will also add green/red colors and a arrow pointing in the direction of the trend.
Thanks