(JS) Squeeze Pro 2

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This is my version of the updated classic indicator created by John Carter. I plan on adding a Squeeze Overlay script in the future that will pair with this one as well for additional signals.

So to break down the Squeeze, what it is, how it works, etc - you have to look at the components that make it up.
1. Bollinger Bands
2. Keltner Channels
3. Momentum

The momentum in this indicator is smoothed out using linear regression (shout out to Lazy Bear, it's a much simpler way to do it, imo).
The momentum is what is displayed on the indicator as a histogram, its purpose is obvious (to show momentum).

Now what is a Squeeze? A squeeze occurs when Bollinger Bands tighten up enough to slip inside of Keltner Channels .
This is interpreted as price is compressing and building up energy before releasing it and making a big move.

Traditionally, John Carter's version uses 20 period SMAs as the basis lines on both the BB and the KC.
In my version, I've given the freedom to change this and try out different types of moving averages.

His original squeeze indicator had one Squeeze setting, though this new one has three.
The white dot Squeeze, call it a "low squeeze", an "early squeeze", whatever you'd like - this is the easiest Squeeze to form based on its settings.
The red dot Squeeze is the original from the first Squeeze indicator.
And finally, the yellow dot squeeze, call it a "high squeeze", "power squeeze", once again whatever you want - is the most difficult to form and suggests price is under extreme levels of compression.

From what I've witnessed John Carter say in the past, the squeeze is meant to be used for continuation.

Now to explain the parameters:
Squeeze Input - This is just the source for the Squeeze to use, default value is closing price.
Length - This is the length of time used to calculate the Bollinger Bands and Keltner Channels .
Bollinger Bands Calculation Type - Selects the type of moving average used to create the Bollinger Bands .
Keltner Channel Calculation Type - Selects the type of moving average used to create the Keltner Channel.
Color Format - I have created 5 different color schemes, this allows you to choose one.
Draw Divergence - Self explanatory here, this will auto-draw divergence on the indicator.
Gray Background for Dark Mode - This is something I put on all my indicators to make them more visually appealing.

Moving on to the alerts, I have made some basic alerts to notify certain indicator conditions (I had to revise it back from the prior version, as V4 of PineScript limits outputs).

6th Dot Alerts - This will inform you when a certain Squeeze makes it 6 dots in. Why 6 dots? That is what John Carter said to be his preference.
12th Dot Alerts - Think of this as a "prolonged Squeeze" alert. I feel like if they do run this long you likely need to go up in resolution, but some traders prefer certain time increments so this is for them.
End of Squeeze Alerts - Self explanatory again - once a Squeeze has concluded this will provide you with a notification.
Zero Line Alerts - This will inform you of when the momentum makes a bullish or bearish move across the zero line.

I hope that I've done well enough explaining the indicator and how it works, for any further information on it I suggest you check out Simpler Trading and get linked up with John Carter over there.
He does lots of videos, webinars, and of course you can always get the official indicator and his signals there too.
Sürüm Notları: So a few updates here:

1. I added the original color scheme (as pictured).
2. I made an option to put the dots on the zero line like the original (though I recommend my way).
3. Added the ability to change the low squeeze to black dots for those not using dark mode.
4. Added the ability to completely turn off the background colors.
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