Another “Squeeze” indicator that plot histogram in red color when the Bollinger Bands are inside the Keltner bands, informing us of a pause in the market and a probable burst of volatility to varnish.
Bollinger bands and Keltner bands periods and deviation factors are adjustable in the settings.
Converted from MQL4 version by a request in ProBuilder English forum section.
//PRC_Squeeze Light | indicator
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
// --- settings
// --- end of settings
diff = averagetruerange[keltPrd]*keltFactor
stdd = std[bolPrd](close)
bbs = bolDev*stdd/diff
if bbs<1 then
upK = 1
loK = 0
loK = 1
upK = 0
return upK coloured(255,0,0) style(histogram,1) as "Squeeze On", loK coloured(255,0,0,30) style(histogram,1) as "Squeeze Off"
No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.ProRealTime ITF files and other attachments :