John Carter's Squeeze Pro Indicator for ThinkorSwim (FREE)

[useThinkScript]

Does anyone have code for the squeeze column that shows the colors for diffent compression levels of squeeze pro.

https://usethinkscript.com/threads/...r-for-thinkorswim-free.4021/page-2#post-50337

 

[Fab5Trader]

With this indicator, what are the dots on the lower chart indicating? I apologize if I've read over it and missed it. Also, can those dots be changed to another color? Very hard for me to see

 

[useThinkScript]

With this indicator, what are the dots on the lower chart indicating? I apologize if I've read over it and missed it. Also, can those dots be changed to another color? Very hard for me to see

This is a Squeeze indicator. The dots indicate that the instrument is being squeezed.

" Squeeze" is a term for when price movement is in consolidation, meaning it is "choppy" or in a "range".
Knowing when price is in a "Squeeze" tells you that institutional trading is in a holding pattern.
The traditional thinking is that once the price action exits or is exiting "The Squeeze" there will be a breakout.
The theory being that the longer the squeeze (the more dots that there are) the bigger the breakout.

The colors correspond:

0 = gray / no squeeze​

1 = dark orange / low squeeze ​

2 = yellow / normal squeeze ​

3 = red / high squeeze​

​

Here is the line in the script that defines the colors.

squeezeline.AssignValueColor(if ExtrSqueeze then Color.RED else if originalSqueeze then Color.YELLOW else if presqueeze then Color.DARK_ORANGE else Color.GRAY);

You can change them to what suits you.
https://toslc.thinkorswim.com/center/reference/thinkScript/Constants/Color