Squeeze Momentum TD - A Revisited Version of the TTM Squeeze

25. Jan.

Description:

The "Squeeze Momentum TD" is our unique take on the highly acclaimed TTM Squeeze indicator, renowned in the trading community for its efficiency in pinpointing market momentum. This script is a tribute and an extension to the foundational work laid by several pivotal figures in the trading industry:

• John Carter, for his creation of the TTM Squeeze and TTM Squeeze Pro, which revolutionized the way traders interpret volatility and momentum.

• Lazybear, whose original interpretation of the TTM Squeeze, known as the "Squeeze Momentum Indicator", provided an invaluable foundation for further development.

• Makit0, who evolved Lazybear's script to incorporate enhancements from the TTM Squeeze Pro, resulting in the "Squeeze PRO Arrows".

Our script, "Squeeze Momentum TD", represents a custom version developed after reviewing all variations of the TTM Squeeze indicator. This iteration focuses on a distinct visualization approach, featuring an overlay band on the chart for an user-friendly experience. We've distilled the essence of the TTM Squeeze and its advanced version, the TTM Squeeze Pro, into a form that emphasizes intuitive usability while retaining comprehensive analytical depth.

Features:

-Customizable Bollinger Bands and Keltner Channels: These core components of the TTM Squeeze.
-Dynamic Squeeze Conditions: Ranging from No Squeeze to High Compression.
-Momentum Oscillator: A linear regression-based momentum calculation, offering clear insights into market trends.
-User-Defined Color Schemes: Personalize your experience with adjustable colors for bands and plot shapes.
-Advanced Alert System: Alerts for key market shifts like Bull Watch Out, Bear Watch Out, and Momentum shifts.
-Adaptive Band Widths: Modify the band widths to suit your preference.

How to use it?

• Transition from Light Green to Dark Green: Indicates a potential end to the bullish momentum. This 'Bull Watch Out' signal suggests that traders should be cautious about continuing bullish trends.

• Transition from Light Red to Dark Red: Signals that the bearish momentum might be fading, triggering a 'Bear Watch Out' alert. It's a hint for traders to be wary of ongoing bearish trends.

• Shift from Dark Green to Light Green: This change suggests an increase in bullish momentum. It's an indicator for traders to consider bullish positions.

• Change from Dark Red to Light Red: Implies that bearish momentum is picking up. Traders might want to explore bearish strategies under this condition.

• Rapid Change from Light Red to Light Green: This swift shift indicates a quick transition from bearish to bullish sentiment. It's a strong signal for traders to consider switching to bullish positions.

• Quick Shift from Light Green to Light Red: Demonstrates a speedy change from bullish to bearish momentum. It suggests that traders might want to adjust their strategies to align with the emerging bearish trend.

Acknowledgements:

Special thanks to Beardy_Fred for the significant contributions to the development of this script. This work stands as a testament to the collaborative spirit of the trading community, continuously evolving to meet the demands of diverse trading strategies.

Disclaimer:

This script is provided for educational and informational purposes only. Users should conduct their own due diligence before making any trading decisions.

30. Jan.

Versionshinweise

Added also the plots for the transition from:

-Dark green to dark red, indicating a shift towards mildly bearish market conditions.
-Dark red to dark green, suggesting a move towards mildly bullish market conditions.

!VERY IMPORTANT!

It's important to note that the visual representation of 'dark green' and 'dark red' can vary depending on the theme used in TradingView. When using a dark theme, these colors appear more transparent, resulting in a darker visual effect due to the black background. Conversely, with a white theme, the 'dark' colors may appear lighter, and the 'light' colors darker. This variation in appearance is crucial to understand when interpreting the indicator's signals.

Regardless of the theme color, the plot transitions are designed to provide clear guidance on market momentum shifts. The addition of these plots aims to offer traders more nuanced insights into potential trend reversals, enhancing the decision-making process by making the indicator's signals more intuitive and accessible.

5. Feb.

Versionshinweise

During the replay phase, we addressed some minor bugs that we noticed. Essentially, in the replay, some colors didn't match how they are currently functioning, but when looking back, we identified the discrepancies.

7. Feb.

Versionshinweise

Thanks to a user's feedback, we noticed that there were no labels from dark green to light green and from dark red to light red (or vice versa if you use the white theme). We have fixed this issue with the latest update. To benefit from this improvement, please remove and then re-add the indicator.