Translated from PinScript language, here is the squeeze momentum indicator. This one is the representation of the market squeezing by comparing 2 sets of “bands” indicators : bollinger one and a ranging one that can be assimilated to enveloppe.

The squeezing value of market take an undefined value when it is squeezing, so signals are generated when the white line is suited to the histogram (the linear regression line oscillating below and underneath 0).

Works well on forex market pairs.

// parameters : 
// length = 20
// mult = 2
// lengthKC = 20
// multKC = 1.5

//BB
basis = average[length](close)
dev = mult * Std[length](close)
upperBB = basis + dev
lowerBB = basis - dev

//KC
ma = average[lengthKC](close)
myrange = range[lengthKC]
rangema = average[lengthKC](myrange)
upperKC = ma+rangema * multKC
lowerKC = ma-rangema * multKC

value = (Highest[lengthKC](high)+Lowest[lengthKC](low)+average[lengthKC](close))/3
val = linearregression[lengthKC](close-value)

sqzOn = (lowerBB>lowerKC) AND (upperBB<upperKC)
sqzOff = (lowerBB<lowerKC) and (upperBB>upperKC)
if(sqzOn) THEN
squeeze = undefined
ENDIF
if(sqzOff) THEN
squeeze = val
ENDIF

RETURN val AS "momentum", squeeze AS "momentum squeeze"