-> The timeframe for this indicator must be set at 1 minute;
-> If the chart timeframe is higher than 1 minute, the results shown in the table for timeframes lower than the chart will not be correct;
-> Tradingview's own documentation explains this as follows: "It is not recommended to request data of a timeframe lower that the current chart timeframe, for example 1 minute data from a 5 minutes chart. The main problem with such a case is that some part of a 1 minute data will be inevitably lost, as it’s impossible to display it on a 5 minutes chart and not to break the time axis. In such cases the behavior of security can be rather unexpected"; and
-> It is therefore recommended that this indicator is placed in a standalone 1min chart window, and the window resized to only show the table to avoid any issues.
-> John Carter creating the TTM Squeeze and TTM Squeeze Pro
-> Lazybear's original interpretation of the TTM Squeeze: Squeeze
-> Makit0's evolution of Lazybear's script to factor in the TTM Squeeze Pro upgrades - Squeeze PRO Arrows
This is my version of their collective works, with amendments primarily to the Squeeze Conditions to more accurately reflect the color coding used by the official TMM Squeeze Pro indicator.
TTM Squeeze Guide
For those unfamiliar with the TTM Squeeze, it is simply a visual way of seeing how (standard deviations from a ) relate to ( bands) compared with the momentum of the price action. The concept is that as compress within , price decreases, giving way for a potential explosive price movement up or down.
Differences between the original TTM Squeeze and TTM Squeeze Pro:
-> Both use a 2 standard deviation ;
-> The original squeeze only used a 1.5 ATR Channel; and
-> The pro version uses 1.0, 1.5 and 2.0 ATR .
The pro version therefore helps differentiate between levels of squeeze (compression) as the moves through the i.e. the greater the compression, the more potential for explosive moves - less compression means more squeezing.
The Histogram shows price momentum whereas the colored dots (along the zeroline) show where the are in relation to the Channels:
-> Cyan Bars = positive, increasing momentum;
-> Blue Bars = positive, decreasing momentum (indication of a reversal in price direction);
-> Red Bars = negative, increasing momentum;
-> Yellow Bars = negative, decreasing momentum (indication of a reversal in price direction);
-> Orange Dots = High Compression / large squeeze (One or both of the is inside the 1st (1.0 ATR) Channel);
-> Red Dots = Medium Squeeze (One or both of the is inside the 2nd (1.5 ATR) Channel);
-> Black Dots = Low compression / wide squeeze (One or both of the is inside the 3rd (2.0 ATR) );
-> Green Dots = No Squeeze / Squeeze Fired (One or both of the is outside of the 3rd (2.0 ATR) Channel).
As the ticker enters the squeeze, black dots would warn of the beginning of a low compression squeeze. As the continue to constrict within the , red dots would highlight a medium compression. As the price action and momentum continues to compress an orange dot shows warning of high compression. As price action leaves the squeeze, the coloring would reverse e.g. orange to red to black to green. Any compression squeeze is considered fired at the first green dot that appears.
Note: This is an ideal progression of the different types of squeezes, however any type of squeeze (and color sequence) may appear at anytime, therefore the focus is primarily on the green dots after any type of compression.
Entry and Exit Guide:
-> John Carter recommends entering a position after at least 5 black dots or wait for 1st green dot ; and
-> Exit on second blue or yellow bar or, alternatively, remain in the position after confirming a continuing trend through a separate indicator.
The indicator (which can be used on any timeframe) can be found here:
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