GO HERE FIRST: Everything You Wanted To Know About The Free ThinkOrSwim John Carter's Squeeze Pro Indicator And Were Afraid To Ask: https://usethinkscript.com/threads/john-carters-squeeze-pro-question.8705/
John Carter's Squeeze Pro Indicator for ThinkorSwim (FREE)
I derived John Carter's Pro Squeeze indicator. All it looks like he does is add in more conditional rules on whether BBs are inside a larger and smaller range. The code is actually pretty simple just added a few Keltner ranges and added in Mobius's derivation of the original TTM Squeeze's momentum function.
Dark_orange is the pre-squeeze, yellow signals the original, and red is one step above actual i.e., extreme compression.
Thanks,
TheBewb
John Carter's Squeeze Pro Indicator for ThinkorSwim (FREE)
I derived John Carter's Pro Squeeze indicator. All it looks like he does is add in more conditional rules on whether BBs are inside a larger and smaller range. The code is actually pretty simple just added a few Keltner ranges and added in Mobius's derivation of the original TTM Squeeze's momentum function.
Dark_orange is the pre-squeeze, yellow signals the original, and red is one step above actual i.e., extreme compression.
Thanks,
TheBewb
Code:
declare lower;
##Assembled by TheBewb using existing Mobius Squeeze Momentum coding and "squeeze" concept made popular by John Carter.
input price = close;
input length = 20;
input Num_Dev_Dn = -2.0;
input Num_Dev_up = 2.0;
input averageType = AverageType.SIMPLE;
input displace = 0;
def sDev = StDev(data = price[-displace], length = length);
def MidLineBB = MovingAverage(averageType, data = price[-displace], length = length);
def LowerBandBB = MidLineBB + Num_Dev_Dn * sDev;
def UpperBandBB = MidLineBB + Num_Dev_up * sDev;
input factorhigh = 1.0;
input factormid = 1.5;
input factorlow = 2.0;
input trueRangeAverageType = AverageType.SIMPLE;
def shifthigh = factorhigh * MovingAverage(trueRangeAverageType, TrueRange(high, close, low), length);
def shiftMid = factormid * MovingAverage(trueRangeAverageType, TrueRange(high, close, low), length);
def shiftlow = factorlow * MovingAverage(trueRangeAverageType, TrueRange(high, close, low), length);
def average = MovingAverage(averageType, price, length);
def Avg = average[-displace];
def UpperBandKCLow = average[-displace] + shiftlow[-displace];
def LowerBandKCLow = average[-displace] - shiftlow[-displace];
def UpperBandKCMid = average[-displace] + shiftMid[-displace];
def LowerBandKCMid = average[-displace] - shiftMid[-displace];
def UpperBandKCHigh = average[-displace] + shifthigh[-displace];
def LowerBandKCHigh = average[-displace] - shifthigh[-displace];
def K = (Highest(high, length) + Lowest(low, length)) /
2 + ExpAverage(close, length);
def momo = Inertia(price - K / 2, length);
def pos = momo>= 0;
def neg = momo< 0;
def up = momo >= momo[1];
def dn = momo < momo[1];
def presqueeze = LowerBandBB > LowerBandKCLow and UpperBandBB < UpperBandKCLow;
def originalSqueeze = LowerBandBB > LowerBandKCMid and UpperBandBB < UpperBandKCMid;
def ExtrSqueeze = LowerBandBB > LowerBandKCHigh and UpperBandBB < UpperBandKCHigh;
def PosUp = pos and up;
def PosDn = pos and dn;
def NegDn = neg and dn;
def NegUp = neg and up;
plot squeezeline = 0;
squeezeline.SetPaintingStrategy(PaintingStrategy.POINTS);
squeezeline.AssignValueColor(if ExtrSqueeze then Color.RED else if originalSqueeze then Color.YELLOW else if presqueeze then Color.DARK_ORANGE else Color.GRAY);
plot momentum = momo;
momentum.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
momentum.AssignValueColor( if PosUp then Color.green else if PosDn then Color.dark_green else if NegDn then Color.dark_orange else if NegUp then Color.yellow else Color.YELLOW);
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