Application of the TTM squeeze and the short-term momentum TTM Wave A in action. This is an example where the short-term wave will react faster than the TTM to give you a signal to start building your positions.
This indicator needs to be combined with "TMO with TTM Squeeze" (add to existing pane).
The TTM Squeeze works like a better MACD. There is a zeroline and histogram bars above / below represent positive and negative momo. As the height of the bar decreases when above the zeroline, that is called decreasingly positive momo and as the height of the bar decreases when below the zeroline, that is called decreasingly negative momo. The dots on the TTM Squeeze: Red dots represent consolidation where Bollingers are inside the Keltner Channels and green dots represent a move out of consolidation or "squeeze fire". As price action comes out of consolidation there is a bigger move up/down depending on where momo is heading and where prices are (key support/resistance levels, fib areas). You want to use the TTM Squeeze and A wave TOGETHER - TTM Squeeze is your main momo and your A wave is a short-term momo wave that reacts faster and works as a leading gauge. You need to use them TOGETHER to gauge where price action may be heading. When the TTM Squeeze and A wave move lockstep together, let's say both are decreasingly positive, there is a good probability it continues to move in that direction to the next support levels. TWO bars on the TTM Squeeze of different heights is confirmation that in most cases means it will move in the direction of those bars. So if decreasingly positive, you'll see two darker bars. By the time you get your 2nd bar on the TTM Squeeze, it is often too late or you're losing profit. Way to counter that is after you get one darker bar in the opposite direction of current trend, use A wave to "predict" the next wave, the more A wave histogram bars going towards the other direction, the higher the certainty it will hit. Lastly, using these waves together works best when you look at it on MULTIPLE TIME FRAMES. (Credit for this details goes to Brady from Atlas).
Versionsinformation
⋅
Updated the script to include alerts for following conditions as requested. 1. Increasing Positive Momentum 2. Decreasing positive Momentum 3. Increasing Negative Momentum 4. Decreasing Negative Momentum
Im trying to use the two indicators together but every time i try to add i get a message that says i cant add the indicator. Does anybody know why? Thanks in advance.
oxfilippp
⋅
Did you ever consider to try the C wave (long term one)?
Lhvinsky
⋅
Hi ssksubam! Great Indicator
Is there a way to add alerts to the histogram bars? to be more specific ... 4 alerts ... 1 for each momentum bars status:
Great indicator. I also learned about it in Atlas : )
Is it possible to combine this indicator with a TMO in a single indicator and avoid having to use the option "add to existing pane"?
sskcharts
⋅
@inigofer, Hi, that won’t work otherwise I would have done that in the first place. Reason: TMO is in the scale of -20 to +20 whereas TTM Wave A histogram is really depends on stock price. Height of the histogram for AMZN could be 50 to 100, for penny stocks it could be .05 to 1. None of them fit in the TMO scale. It might work only for $20-$40 stocks. When you add to existing pane, tradingview/pine does some magic with the scale so that the it looks normal.
in_itself
⋅
@ssksubam, thanks a lot for your answer.
I am trying also to merge RSI, ATR and NATR and I think I have the same problem.
My coding understanding is very basic, sorry in advance if I am saying something that doesn't make sense.
Is there a way to turn the absolute scales of the TTM into a relative scale? for example in % . Then match the relative plot of the TTM into the scale of the TMO?
sskcharts
⋅
@inigofer, I tried all that as well. The problem is, you don't know what could be the max histogram height and minimum histogram height on the given resolution. on 1hr chart, it could be something, on 1D chart, it would be different. If you know max/min, then we can use that to convert into %. I have shared my code publicly. You could also try to combine them into single script and see how it looks. I can't get it working though. Thanks
in_itself
⋅
@ssksubam, thanks for replying.
I tried to combine them but I wasn't able either. The TTM wave A appeared almost flat, unless I don't display the TMO.