///////////////// This can be further optimized, Let me know with a comment, if you still need this to be optimized. ////////////////////
This update includes
- Added Options to detect squeeze using Heikin Ashi Candle
- Added Options to use BBR or Momentum ( ) for the Momentum Histogram
- Custom Momentum Smoothing time period
- Removed the Separate Look back periods for BB/KC - Since it doesn't really make sense using different lengths for KC and BB.
HA Closes can be really helpful in trading ETFs like FXE , GLD , FXY , SLV etc, which constantly gaps on daily basis. This helps in smoothing out. And most Importantly it Lines up with the Underlying's Squeeze.
[The Next Major Version is currently being Back tested with better timing triggers etc...... That will replace all other Squeeze indicators in the market - Some Major upgrades have been done to the squeezes to read the consolidation is with support or resistance. Also plan on adding best bet entries and pre-breakout signals. So far so good, this recent contradicting trends in daily / weekly in the market is making the indicator hard to work per theory]
The delay is because, I do not like to post any script (with signals) without sufficient back testing . I will not post these indicator with signals, unless I am sure it works per my theoretical derivations.
Thanks for Being Patient and all your support.
Until then - Good Luck Trading.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
// Variation - Lazybear Squeeze Indicator // Recreated and Modified by UCSgears // Added Options to detect squeeze using Heikin Ashi Candle // Added Options to use BBR or Momentum (ROC) for the Momentum Histogram // Custom Momentum Smoothing // Removed the Seperate Lookback periods for BB/KC - Since this doesn't really make sense in using a different lengths. study(shorttitle = "UCS_SQUEEZE_Timing_V3", title="Squeeze Momentum Timing and Direction - Version 3", overlay=false) length = input(20, title="Squeeze Length") multBB = input(2,title="BB MultFactor") multKC = input(1.5, title="KC MultFactor") smooth = input(20, title = "Momentum Smoothing") usebbr = input(true, title = "Use Bollinger Band Ratio", type = bool) useHAC = input(true, title = "Use Heikin Ashi Candle", type=bool) useTrueRange = input(true, title="Use TrueRange (KC)", type=bool) // Calculate BB source = useHAC ? ohlc4 : close basis = sma(source, length) dev = multBB * stdev(source, length) upperBB = basis + dev lowerBB = basis - dev // Calculate KC ma = sma(source, length) range = useTrueRange ? tr : (high - low) rangema = sma(range, length) upperKC = ma + rangema * multKC lowerKC = ma - rangema * multKC sqzOn = (lowerBB > lowerKC) and (upperBB < upperKC) sqzOff = (lowerBB < lowerKC) and (upperBB > upperKC) noSqz = (sqzOn == false) and (sqzOff == false) momentum = usebbr ? (((source - lowerBB)/(upperBB - lowerBB))-0.5) : (((close - close)/close)*100) val = sma(momentum,smooth) bcolor = iff( val > 0, iff( val > nz(val), green, blue), iff( val < nz(val), red, orange)) scolor = noSqz ? blue : sqzOn ? red : green plot(val, color=bcolor, style=histogram, linewidth=3) plot(0, color=scolor, style=circles, linewidth=3)