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Squeeze Indicator With Bollinger Band SMA and Keltner Channel

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#-------------------------------------------------begin of code

declare lower;

Input Length = 20; # Length for Avg True Range & Std. Dev Calcs

Input Price = Close; # type of price to use

Input minPriceMove = 1; # for scaling

Input priceIncrement = 0.01;

Input nK = 1.5; # Keltner Channel ATRs from Average

Input nBB = 2; # Bollinger Band Std. Devs. from Average

Input AlertLine = 1; # BBS_Index level at which to issue alerts

Input SqueezeOnColor = 2;

Input SqueezeOffColor = 6;



# scaling factor :

def LHMult = if (priceIncrement <> 0, (minPriceMove/priceIncrement), 0);



# Average True Range

def ATR = AvgTrueRange(high, close, low, Length);

# Standard Deviation

def SDev = stdev(Price, Length);



# -- Calculate Bollinger Band Squeeze Indicator --

# for alert

def Denom = (nK*ATR);

def BBS_Ind = if (Denom <> 0, ((nBB * SDev) /Denom), 0);



# -- Plot the Index & Alert Line -------------------------

plot BBS_Index = 0;

BBS_Index.assignValueColor(if BBS_Ind < Alertline then Color.Red else Color.Blue);

BBS_Index.SetStyle(4);

BBS_Index.SetLineWeight(2);

# --------------------------------------------------------



# -- Plot delta of price from Donchian mid line ----------

# Inertia = LinearRegValue

def LinearRegValue = Inertia(price-((Highest(high, Length)+Lowest(low, Length))/2 + ExpAverage(close,Length))/2,Length);



#Plot the Green Values

def LRVGreens = if (LinearRegValue >= 0, LinearRegValue, 0);

plot BBSqueeze_Pos = LRVGreens * LHMult;

BBSqueeze_Pos.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);

BBSqueeze_Pos.assignValueColor(if LRVGreens > LRVGreens[1] then Color.Green else Color.Dark_Green);

BBSqueeze_Pos.SetLineWeight(2);



#Plot the Red Values

def LRVReds = if (LinearRegValue < 0, LinearRegValue, 0);

plot BBSqueeze_Neg = LRVReds * LHMult;

BBSqueeze_Neg.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);

BBSqueeze_Neg.assignValueColor(if LRVReds < LRVReds[1] then Color.Red else Color.Dark_Red);

BBSqueeze_Neg.SetLineWeight(2);



#Show Alert Dots

# SQUEEZE ON

def BBS_CrossOverAlert = if (BBS_Ind > BBS_Ind[1] and (BBS_Ind > AlertLine) and (BBS_Ind[1] < AlertLine), (LRVGreens * LHMult + 150 * minPriceMove), 0);

plot CrossOverAlert = if BBS_CrossOverAlert > 0 then BBS_CrossOverAlert else Double.NaN;

CrossOverAlert.SetPaintingStrategy(PaintingStrategy.POINTS);

CrossOverAlert.SetLineWeight(4);

CrossOverAlert.assignValueColor(Color.Light_green);

CrossOverAlert.assignValueColor(GetColor(SqueezeOnColor));

# Alert("BB Squeeze Alert");


def BBS_CrossUnderAlert = if (BBS_Ind < BBS_Ind[1] and (BBS_Ind < AlertLine) and (BBS_Ind[1] > AlertLine), (LRVReds * LHMult - 150 * minPriceMove), 0);

plot CrossUnderAlert = if BBS_CrossUnderAlert < 0 then BBS_CrossUnderAlert else Double.NaN;

CrossUnderAlert.SetPaintingStrategy(PaintingStrategy.POINTS);

CrossUnderAlert.SetLineWeight(4);

CrossUnderAlert.assignValueColor(GetColor(SqueezeOffColor)); # Color.Light_red);

#-----------------------------------------------------------end of code