Indicator description: http://www.forextrading-pips.com/squeeze...
When both the upper and lower go inside the Channel, the squeeze is on.
When the (BOTH lines) start to come out of the Channel, the squeeze has been released (off).
When one of the is out of Channel, no highlighting is done.
List of all my indicators: https://www.tradingview.com/u/capissimo/...
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.