Mobius’ Momentum Squeeze for ThinkorSwim


I just found this script online. I'm not sure if it is already shared.

Trading Software: thinkorswim
Based on: TTM Squeeze (Bollinger Bands & Keltner Channels), Elliot Waves, & ParobolicSAR
Description: This study strives to emulate and optimize the TTM Squeeze study. The red squeeze indicator fires when the symbol’s Bollinger Bands are inside the symbol’s Keltner Channel. The green and red arrows are Parabolic SAR crossover indicators. The green/red waves are Wave A of the Elliot Waves, and the yellow/blue waves are Wave C of the Elliot Waves. The chart label outlines the squeeze resolution in an attempt to predict the breakout direction of the squeeze.

Optimal Long Sequence:
  1. Histogram shift from light red to dark red with values increasing toward the index line, confirming a shift from distribution to accumulation.
  2. Red Squeeze indicators firing indicating consolidation; Bollinger Band compression and volatility increase.
  3. A green up arrow indicating the Parabolic Stop and Reverse has made a bullish crossover.
Optimal Short Sequence is the reverse of the above (histogram from dark green to light green, red squeeze indicators firing, and red arrow for bearish Parabolic SAR crossover).

declare lower;

input price = CLOSE;
input ShortLength1 = 5;
input ShortLength2 = 14;
input ShortLength3 = 5;
input LongLength1 = 12;
input LongLength2 = 55;
input LongLength3 = 7;

# Momentum Oscillators

  plot MS = Average(Average(price, ShortLength1) - Average(price, ShortLength2), ShortLength3);
  plot MS2 = Average(Average(price, LongLength1) - Average(price, LongLength2), LongLength3);
# Wave A
  def MSGreens = if (MS >= 0, MS, 0);
  def MSReds = if (MS < 0, MS, 0);
# Wave C
  def MS2Blues = if (MS2 >= 0, MS2, 0);
  def MS2Yellows = if (MS2 < 0, MS2, 0);

  plot MS_Pos = MSGreens;
       MS_Pos.AssignValueColor(if MSGreens < MSGreens[1] then Color.GREEN else Color.DARK_GREEN);

  plot MS_Neg = MSReds;
       MS_Neg.AssignValueColor(if MSReds < MSReds[1] then CreateColor(255, 60, 60) else Color.DARK_RED);

  plot MS2_Pos = MS2Blues;
       MS2_Pos.AssignValueColor(if MS2Blues < MS2Blues[1] then Color.BLUE else Color.CYAN);

  plot MS2_Neg = MS2Yellows;
       MS2_Neg.AssignValueColor(if MS2Yellows < MS2Yellows[1] then Color.YELLOW else Color.LIGHT_RED);

# Squeeze Indicator

input length = 20;
input nK = 1.5;
input nBB = 2.0;

  def BBHalfWidth = stdev(price, length);
  def KCHalfWidth = nK * AvgTrueRange(high, close, low, length);
  plot isSqueezed = nBB * BBHalfWidth / KCHalfWidth < 1;
  plot BBS_Ind = if(isSqueezed, 0, Double.NAN);

# Bollinger Resolution

  def BBSMA = Average(price, length);
  def BBSMAL = BBSMA + (-nBB * BBHalfWidth);
  def BBSMAU = BBSMA + (nBB * BBHalfWidth);
  def PerB = roundUp((price - BBSMAL) / (BBSMAU - BBSMAL) * 100, 0);
  AddChartLabel(yes, concat("%B: ", PerB), if PerB < 0 then color.YELLOW else if PerB > 0 and PerB[1] < 0 then color.GREEN else color.WHITE);

# Parabolic SAR Signal

input accelerationFactor = 0.0275;
input accelerationLimit = 0.2;

  def SAR = ParabolicSAR(accelerationFactor = accelerationFactor, accelerationLimit = accelerationLimit);

  plot bearishCross = Crosses(SAR, price, CrossingDirection.ABOVE);
  plot signalDown = if(bearishCross, 0, Double.NAN);

  plot bullishCross = Crosses(SAR, price, CrossingDirection.BELOW);
  plot signalUp =  if(bullishCross, 0, Double.NAN);
where to identify the Red Squeeze indicators on the study?

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