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Squeeze Momentum Indicator
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study(shorttitle = "SQZMOM_LB", title="Squeeze Momentum Indicator", overlay=false) | |
length = input(20, title="BB Length") | |
mult = input(2.0,title="BB MultFactor") | |
lengthKC=input(20, title="KC Length") | |
multKC = input(1.5, title="KC MultFactor") | |
useTrueRange = input(true, title="Use TrueRange (KC)", type=bool) | |
// Calculate BB | |
source = close | |
basis = sma(source, length) | |
dev = multKC * stdev(source, length) | |
upperBB = basis + dev | |
lowerBB = basis - dev | |
// Calculate KC | |
ma = sma(source, lengthKC) | |
range = useTrueRange ? tr : (high - low) | |
rangema = sma(range, lengthKC) | |
upperKC = ma + rangema * multKC | |
lowerKC = ma - rangema * multKC | |
sqzOn = (lowerBB > lowerKC) and (upperBB < upperKC) | |
sqzOff = (lowerBB < lowerKC) and (upperBB > upperKC) | |
noSqz = (sqzOn == false) and (sqzOff == false) | |
val = linreg(source - avg(avg(highest(high, lengthKC), lowest(low, lengthKC)),sma(close,lengthKC)), | |
lengthKC,0) | |
bcolor = iff( val > 0, | |
iff( val > nz(val[1]), lime, green), | |
iff( val < nz(val[1]), red, maroon)) | |
scolor = noSqz ? blue : sqzOn ? black : gray | |
plot(val, color=bcolor, style=histogram, linewidth=4) | |
plot(0, color=scolor, style=cross, linewidth=2) |
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Hi,
Do you know if I can use it on MT4?