Study shall be added to 15min chart.
It indicates squeeze and momentum at: 15 min, 30 min, 60 min, 240 min and 1 Day.
Thanks to © azimuthdynamics for inspiration and portion of code
Thanks to Lazy Bear for coding Squeeze
Black crosses on the midline show that the market just entered a squeeze ( Bollinger Bands are with in Keltner Channel). This signifies low volatility , market preparing itself for an explosive move (up or down). Gray crosses signify "Squeeze release".
Lighter color: momentum is increasing
Red is for sell, green for buy
so the first line from the top of the indicator is the day, 2nd is 240, third 60, fourth 60 and fifth 15? yes exactly.
what does it mean if the crosses turn blue? as per code "squeeze==0 ? color.blue" so no squeeze when cross is blue
the hline at 120 is just to have some padding from the top or what is the purpose of it? yes, its just for diplaying results in a better way.
Why ist it recommended to use the indicator at the 15min chart (Study shall be added to 15min chart.) ? Because if you use it on a 30 min timeframe, for example, you will have same result for 15 min and 30 min.