I have been meaning to do derive John Carter's Pro Squeeze indicator for a while and got around to it finally today. 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. I confirmed this by looking at
I think John Carter charges way too much for his indicators that really aren't very good (I mean come on he is charging $250 bucks for changing candle colors based off where they are relative to high low 34 EMA... its a joke), so this is my way of trying to save uneducated or newbie traders that may be taken in by his FOMO inducing marketing. Please feel free to share and update as you see fit.
Dark_orange is the pre-squeeze, yellow signals the original, and red is one step above actual i.e., extreme compression.
Thanks,
TheBewb
I think John Carter charges way too much for his indicators that really aren't very good (I mean come on he is charging $250 bucks for changing candle colors based off where they are relative to high low 34 EMA... its a joke), so this is my way of trying to save uneducated or newbie traders that may be taken in by his FOMO inducing marketing. Please feel free to share and update as you see fit.
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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