Squeeze PRO Indicator [Makit0]

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Script based in:
original John Carter's ideas (SQUEEZE & SQUEEZE PRO) at simplertrading dot com
LazyBear's script (Squeeze Momentum Indicator ) here at tradingview dot com


This system is based in the volatility reversion to the mean: volatility contraction leads to volatility expansion and the other way on
The dot signal is a warning of volatility compression, more often than not this leads to a expansion of volatility and a move in the action price usually bigger than the expected move
Be aware of the trend direction, use the momentum histogram to see the slope direction

There are 3 levels of compression:
Level 1: ORANGE, the lesser compresion level
Level 2: RED, the normal level marked by the original squeeze indicator
Level 3: YELLOW, the max compression level
The more the compression the bigger the after move

The GREEN dots signal the volatility expansion out of the squeeze ranges

Please check the John Carter's book (Mastering the Trade) and attend his webinars for more insight about the squeeze & squeeze pro systems
I'm starting at trading and learning every day, I attended one of his webinars about the Squeeze Pro, and with help of the LazyBear's Squeeze Momentum Indicator code up the Squeeze PRO.
Please be aware, I'm not an expert trader, only a developer with an idea: learn to pull out money from the market in a consistent way.

This is a Beta version, please feel free to comment and give feedback, anything you consider iteresting, the more you elaborate the better :D

Thanks you all!!!
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@makit0 can you tell me what is the difference between your indicator and John Carter's squeeze indicator? He only uses 2 colors (I believe) for his on/off compression. How should we use the additional colors that you provide? And... is there a way to configure yours so that it perfectly mimics John's?
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makit0 ThetaGator
@ThetaGator, I'm about to release the 1.0 version of the indicator, mostly code refactorization and a change to the histogram calculation to match the histogram from the original squeeze avaible in TOS.
The squeeze pro from John Carter uses 3 colors to identify the 3 different compression levels, black for 2xBB<2xKC, red for 2xBB<1.5xKC and yellow for 2xBB<1xKC (BB->bollinger bands, KC->keltner channles), I'm using orange, red and yellow since I like my charts background in black and for me those colors do the trick.

Anyone can modify the colors of any indicator from the settings/style page :D
Can you elaborate a little more from your last sentence? If it's only a colour thing I think changing the orange to black will do the trick. If you think it will be useful I could code a checkbox to set the original indicator color automatically.

Thanks for your comment and please tell me anything you want, changes/improvements you may want... I'm glad if this helps to anyone :D
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makit0 makit0
Just reviewing the answer I've detected an error, the dots on the original squeeze pro are black, red and orange (I did write yellow instead)
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Thanks for your effort -:)
I like it.
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makit0 geier_385
@geier_385, Thanks to you!!! :D
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