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TTM squeeze clone [LazyBear]

a guest Sep 29th, 2014 29,947 Never
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  1. //
  2. // @author LazyBear
  3. // List of all my indicators:
  4. // https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing
  5. // v2 - fixed a typo, where BB multipler was always stuck at 1.5. [Thanks @ucsgears]
  6. //
  7. study(shorttitle = "SQZMOM_LB", title="Squeeze Momentum Indicator [LazyBear]", overlay=false)
  8.  
  9. length = input(20, title="BB Length")
  10. mult = input(2.0,title="BB MultFactor")
  11. lengthKC=input(20, title="KC Length")
  12. multKC = input(1.5, title="KC MultFactor")
  13.  
  14. useTrueRange = input(true, title="Use TrueRange (KC)", type=bool)
  15.  
  16. // Calculate BB
  17. source = close
  18. basis = sma(source, length)
  19. dev = mult * stdev(source, length)
  20. upperBB = basis + dev
  21. lowerBB = basis - dev
  22.  
  23. // Calculate KC
  24. ma = sma(source, lengthKC)
  25. range = useTrueRange ? tr : (high - low)
  26. rangema = sma(range, lengthKC)
  27. upperKC = ma + rangema * multKC
  28. lowerKC = ma - rangema * multKC
  29.  
  30. sqzOn  = (lowerBB > lowerKC) and (upperBB < upperKC)
  31. sqzOff = (lowerBB < lowerKC) and (upperBB > upperKC)
  32. noSqz  = (sqzOn == false) and (sqzOff == false)
  33.  
  34. val = linreg(source  -  avg(avg(highest(high, lengthKC), lowest(low, lengthKC)),sma(close,lengthKC)),
  35.             lengthKC,0)
  36.  
  37. bcolor = iff( val > 0,
  38.             iff( val > nz(val[1]), lime, green),
  39.             iff( val < nz(val[1]), red, maroon))
  40. scolor = noSqz ? blue : sqzOn ? black : gray
  41. plot(val, color=bcolor, style=histogram, linewidth=4)
  42. plot(0, color=scolor, style=cross, linewidth=2)
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