Squeeze Momentum Oscillator

Title: Squeeze Momentum Oscillator

Description: This indicator is a panel-based oscillator that separates market momentum from volatility, designed to spot high-probability breakouts using the classic TTM Squeeze logic.

How It Works: The indicator uses a "traffic light" system on the zero line to indicate volatility states, while the histogram shows the strength and direction of the trend.

1. The Dots (Volatility State): These dots tell you if the market is consolidating or trending.

🔴 Red Dot: Squeeze is ON. Bollinger Bands are inside Keltner Channels. Volatility is compressed. Do not trade; wait for the release.

🟢 Green Dot: Squeeze is OFF. Volatility is normal.

🟣 Fuchsia Dot: Bullish Breakout! The squeeze has fired to the upside and is confirmed by positive SMA momentum.

🔵 Blue Dot: Bearish Breakout! The squeeze has fired to the downside and is confirmed by negative SMA momentum.

2. The Histogram (Momentum): This measures the strength of the move using Linear Regression.

Light Green: Bullish momentum is increasing.

Dark Green: Bullish momentum is waning (caution).

Light Red: Bearish momentum is increasing.

Dark Red: Bearish momentum is waning (caution).

Settings & Features:

Momentum Filter: Breakout dots (Fuchsia/Blue) only appear if the 20-period SMA slope agrees with the breakout direction, filtering out weak fakeouts.

Customizable: Adjust lengths and multipliers for Bollinger Bands and Keltner Channels to tune sensitivity.

Toggle: You can turn the specific "Breakout Colors" on or off in the settings.

Credits: Based on the TTM Squeeze concept popularized by John Carter, utilizing Linear Regression for momentum and standard deviation/ATR comparisons for volatility. Fixed and optimized for TradingView Pine Script v6.