Squeeze indicator

Discussion in 'Technical Analysis' started by rounder8, May 14, 2011.

  1. rounder8



    I've been trying to code something like TTM Squeeze in Powerlanguage (practically the same as easylanguage) for multicharts. I don't want to pay money for something that is actually copied from tradestation forums (afaik). As I don't have access to that forum I have to ask from here.

    I managed to make the dotted line that shows when the bollinger bands are squeezed inside the keltner channels. Now I'm struggling with the momentum indicator. I can create the momentum indicator using MACD - MACD moving average difference historgram and graphing it with plotx function. The problem is that then I don't know how to modify the colours of the bars. I would like the colours of the bars to be brighter when ADX is higher and dimmer when ADX is lower to indicate the strength of the trend. I tried to make the histogram lineas also with tl_new function but for some reason it didn't draw any lines that way.

    Does anyone know how to change the color of those histogram bars?
  2. SetPlotColor in TS easylanguage is used modify the plot color.

    {***Set Squeeze Plot Color***}
    If BBS_Ind < Alertline then begin
    SetPlotColor(3, NormalColor);
    SetPlotColor(4, NormalColor);
    SetPlotColor(5, red);
    Status = "Squeeze";
    else Begin
    SetPlotColor(3, AlertlColor);
    SetPlotColor(4, AlertlColor);
    SetPlotColor(5, rgb(0,255,255));
    Status = "Fired";

    if you google squeeze and tradestation. There is quite a bit of code available for free.

  3. Jurik VEL is about a trillion times better than any "squeeze this" indicator. :cool:
  4. Don't waste your time with the Squeeze indicator. It's great in theory but it doesn't really work in real life. The examples you see of it are cherry picked.

    I'm sure people will follow up with the usual "don't rely on one indicator" or "use it in conjunction with something else" or whatever.

    But you are right, don't pay money for something that was taken off the forums for free anyway. You are correct that that is the origin of the TTM Squeeze indicator.
  5. dejavu8


    the evolution of indicators and tools have been developing but i would never trust any single indicator, you have to consider other factors such as pattern of candle, patterns of other indicators/tools and whatever else you think it should be considered.