- When line touches or crosses red band it is Top signal (Williams Fix)
- When line touches or crosses blue band it is Bottom signal (Williams Fix)
- Red dot at the top of indicator is a Top signal ( )
- Blue dot at the top of indicator is a Bottom signal ( )
- Gray dot at the bottom of indicator is a Squeeze signal (filtered by either or %B)
- Silver dot at the bottom of indicator is a weaker Squeeze signal (Doesn't meet either or %B filter)
- Purple is a 'Half Squeeze' only 1 crossed the Channel
This is an attempt to make use of the main features of all 6 of these tools :
- Williams Fix +
- The crossing of Channel by the (Squeeze)
Conditions to Help Filter Squeeze:
- When the ( ) value is lower than the lowest value within a period plus a margin of error (percentage)
- When the %B value reaches the alert level detailed in LazyBears indicator. (https://www.tradingview.com/script/2gNjW...)
If it meets one of these 2 filters and there is a Channel Squeeze than gray color or else if the squeeze doesn’t meet one of the 2 filters than silver color (weaker Squeeze).
The goal is to find the best tool to find bottoms and top relative to and filter the squeeze.
The idea is that both Williams Fix + and both already give the main bottom and top so combining them to compare and validate the signals makes sense. (Note: Bottom signal is more accurate than top). In addition, I added the squeeze to show the potential breakout pressure and to compliment bottom and top signals.
For ideas on how to continue this work :
I encourage ideas to combine the Williams Fix and for top and bottom (with probability would be awesome)
And I encourage ideas to filter Channel Squeeze using both the or %B or other squeeze indicators or a combination of all of them.
Also, I encourage people to post their top parameters for the and %B to filter the Squeeze in the comments or to send me them by chat relative to this indicator.
Half the battle is making the indicator, while the other half is tuning the parameters.
The current parameters are one of the least aggressive, and act as a mild filter.
Note: You can also change the threshold for RVI top and bottom.
And this work builds on my last indicator:
If you have ideas on this work or have ideas on potential combinations please message me, I always want to learn or get perspective on how it can be improved.
Sharing is how we get better (Parameter tuning, ideas, discussion)
I don’t reinvent the wheel, just trying to make the wheel better.
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.