OPEN-SOURCE SCRIPT
Squeeze Engine PRO [CandleChasers]
Squeeze Engine PRO [CandleChasers] combines volatility compression, directional momentum and a single-position signal lifecycle. Its purpose is to make compression setups, entry qualifications and exit conditions easier to distinguish on standard time-based charts.
HOW IT WORKS
Bollinger Bands are compared with Keltner Channels to identify loose, medium and deep compression. PRO and Early use detrended linear-regression momentum. A release occurs when price volatility leaves the outer compression envelope. Classic uses a fixed 20-period, 2-deviation Bollinger envelope, a 20-period, 1.5-range Keltner envelope, and 12-bar close momentum; its release is defined by the medium envelope.
THREE ENGINES
PRO qualifies setups using local EMA trend, optional confirmed higher-timeframe trend, optional ADX/directional movement and relative volume, and a confluence threshold.
Early permits qualifying entries during compression and uses momentum slope rather than acceleration as its impulse requirement. Filters and the zero-side requirement still apply; disable the latter if you want entries before a zero crossing.
Classic uses momentum sign on the release bar. An optional slope setting uses rising momentum for long entries and falling momentum for shorts, including when momentum is still on the opposite side of zero. Classic bypasses the PRO entry filters and confluence score.
PRESETS
Scalping, Day Trading and Swing Trading adjust PRO/Early lengths to 14, 20 and 24, local EMA lengths to 34, 50 and 89, and release windows to 3, 5 and 7 bars after release, inclusive. They do not change the chart timeframe or guarantee suitability for a market. Classic retains fixed compression lengths.
Earlier Signals, Balanced and Stronger Confirmation change minimum compression duration, score thresholds and ADX/relative-volume thresholds. Stronger Confirmation adds sustained momentum requirements; its name describes its rules, not a measured reduction in false signals.
CONFLUENCE SCORE
The 0-100 score summarizes the active squeeze, trend, momentum, participation and strength components. Disabled ADX and disabled/unavailable volume are excluded and the remaining weights are normalized. When optional no-squeeze entries are enabled outside a release window, squeeze weight is excluded. Scores are not probabilities, win rates or performance forecasts. They are informational and unused for Classic entries.
MARKERS AND COLORS
Bright green: positive momentum rising. Dark green: positive momentum weakening or unchanged. Bright red: negative momentum falling. Dark red: negative momentum rising or unchanged.
Compression dots: yellow loose, orange medium, purple deep, gray open. Classic uses orange while compressed and gray when open.
R: squeeze release. E: early bullish/bearish setup, not necessarily an entry. DIV: pivot-confirmed divergence. BUY: long entry. SELL: short entry, not an instruction to exit an existing long. EXIT: exit of the tracked virtual position.
Divergences appear on the confirmation bar, after the selected number of right-side pivot bars. They are not plotted retrospectively at the pivot.
TRADE LIFECYCLE
The dashboard shows standby, charging, armed, in-trade and cooldown states. Only one virtual position can be tracked at a time. Squeeze-based entries are limited to one per compression episode. Optional no-squeeze entries use readiness transitions. Exits cannot produce a new entry on the same bar. Display toggles do not alter the lifecycle or alert logic.
VIRTUAL RISK LEVELS
Entry is the signal-bar close. PRO/Early use an ATR initial stop, reward:risk target and optional ATR trail. Trail updates become effective on the next bar. Classic uses a fixed initial distance of two ATR, no target or trail, and exits on the first momentum-fade bar. PRO/Early can exit after two consecutive fade bars. Stops and targets may be plotted on the price chart or inspected in the data window. These are informational levels, not orders or broker-emulator fills. The dashboard identifies bars that touch both stop and target as having unknown intrabar ordering.
USAGE AND ALERTS
Begin with Day Trading, PRO and Balanced, then assess behavior on your own instrument and standard candle timeframe. Enable price-chart levels if useful. Select Once Per Bar Close for alerts. Alerts are generated separately from marker visibility. After changing settings or updating the script, recreate existing alerts because they retain the prior script configuration.
The histogram, compression display and dashboard can change during the current bar. Entry, exit, early-setup, release and divergence events require chart-bar confirmation. Higher-timeframe trend uses the preceding confirmed higher-timeframe bar and therefore has a deliberate delay. ATR normalization affects the histogram display only.
LIMITATIONS
This is an indicator, not a backtested strategy. No win rate, profitability or false-signal improvement is claimed. Signal-bar closes and OHLC stop/target touches do not model spread, slippage, fees, liquidity, gaps or intrabar fill ordering. Data revisions and changes to available chart history can alter historical results. Tick volume may be used by some feeds; unavailable volume is excluded from scoring and its filter is bypassed. Standard time-based candles or bars are required. Very large chart timeframes may require manual HTF selection or disabling that filter. Classic ignores custom compression widths and several PRO controls as described above.
ORIGINALITY AND SOURCE CREDIT
Source credit: LazyBear, author of Squeeze Momentum Indicator [LazyBear] (SQZMOM_LB). The PRO/Early detrended linear-regression momentum component is adapted from the original code supplied for this project. The compression concept is established technical-analysis practice. CandleChasers adds a purpose-built combination of selectable engines, active-weight confluence, confirmed HTF filtering, one-entry-per-squeeze lifecycle, independent visibility controls, explicit virtual exits and a unified dashboard.
HOW IT WORKS
Bollinger Bands are compared with Keltner Channels to identify loose, medium and deep compression. PRO and Early use detrended linear-regression momentum. A release occurs when price volatility leaves the outer compression envelope. Classic uses a fixed 20-period, 2-deviation Bollinger envelope, a 20-period, 1.5-range Keltner envelope, and 12-bar close momentum; its release is defined by the medium envelope.
THREE ENGINES
PRO qualifies setups using local EMA trend, optional confirmed higher-timeframe trend, optional ADX/directional movement and relative volume, and a confluence threshold.
Early permits qualifying entries during compression and uses momentum slope rather than acceleration as its impulse requirement. Filters and the zero-side requirement still apply; disable the latter if you want entries before a zero crossing.
Classic uses momentum sign on the release bar. An optional slope setting uses rising momentum for long entries and falling momentum for shorts, including when momentum is still on the opposite side of zero. Classic bypasses the PRO entry filters and confluence score.
PRESETS
Scalping, Day Trading and Swing Trading adjust PRO/Early lengths to 14, 20 and 24, local EMA lengths to 34, 50 and 89, and release windows to 3, 5 and 7 bars after release, inclusive. They do not change the chart timeframe or guarantee suitability for a market. Classic retains fixed compression lengths.
Earlier Signals, Balanced and Stronger Confirmation change minimum compression duration, score thresholds and ADX/relative-volume thresholds. Stronger Confirmation adds sustained momentum requirements; its name describes its rules, not a measured reduction in false signals.
CONFLUENCE SCORE
The 0-100 score summarizes the active squeeze, trend, momentum, participation and strength components. Disabled ADX and disabled/unavailable volume are excluded and the remaining weights are normalized. When optional no-squeeze entries are enabled outside a release window, squeeze weight is excluded. Scores are not probabilities, win rates or performance forecasts. They are informational and unused for Classic entries.
MARKERS AND COLORS
Bright green: positive momentum rising. Dark green: positive momentum weakening or unchanged. Bright red: negative momentum falling. Dark red: negative momentum rising or unchanged.
Compression dots: yellow loose, orange medium, purple deep, gray open. Classic uses orange while compressed and gray when open.
R: squeeze release. E: early bullish/bearish setup, not necessarily an entry. DIV: pivot-confirmed divergence. BUY: long entry. SELL: short entry, not an instruction to exit an existing long. EXIT: exit of the tracked virtual position.
Divergences appear on the confirmation bar, after the selected number of right-side pivot bars. They are not plotted retrospectively at the pivot.
TRADE LIFECYCLE
The dashboard shows standby, charging, armed, in-trade and cooldown states. Only one virtual position can be tracked at a time. Squeeze-based entries are limited to one per compression episode. Optional no-squeeze entries use readiness transitions. Exits cannot produce a new entry on the same bar. Display toggles do not alter the lifecycle or alert logic.
VIRTUAL RISK LEVELS
Entry is the signal-bar close. PRO/Early use an ATR initial stop, reward:risk target and optional ATR trail. Trail updates become effective on the next bar. Classic uses a fixed initial distance of two ATR, no target or trail, and exits on the first momentum-fade bar. PRO/Early can exit after two consecutive fade bars. Stops and targets may be plotted on the price chart or inspected in the data window. These are informational levels, not orders or broker-emulator fills. The dashboard identifies bars that touch both stop and target as having unknown intrabar ordering.
USAGE AND ALERTS
Begin with Day Trading, PRO and Balanced, then assess behavior on your own instrument and standard candle timeframe. Enable price-chart levels if useful. Select Once Per Bar Close for alerts. Alerts are generated separately from marker visibility. After changing settings or updating the script, recreate existing alerts because they retain the prior script configuration.
The histogram, compression display and dashboard can change during the current bar. Entry, exit, early-setup, release and divergence events require chart-bar confirmation. Higher-timeframe trend uses the preceding confirmed higher-timeframe bar and therefore has a deliberate delay. ATR normalization affects the histogram display only.
LIMITATIONS
This is an indicator, not a backtested strategy. No win rate, profitability or false-signal improvement is claimed. Signal-bar closes and OHLC stop/target touches do not model spread, slippage, fees, liquidity, gaps or intrabar fill ordering. Data revisions and changes to available chart history can alter historical results. Tick volume may be used by some feeds; unavailable volume is excluded from scoring and its filter is bypassed. Standard time-based candles or bars are required. Very large chart timeframes may require manual HTF selection or disabling that filter. Classic ignores custom compression widths and several PRO controls as described above.
ORIGINALITY AND SOURCE CREDIT
Source credit: LazyBear, author of Squeeze Momentum Indicator [LazyBear] (SQZMOM_LB). The PRO/Early detrended linear-regression momentum component is adapted from the original code supplied for this project. The compression concept is established technical-analysis practice. CandleChasers adds a purpose-built combination of selectable engines, active-weight confluence, confirmed HTF filtering, one-entry-per-squeeze lifecycle, independent visibility controls, explicit virtual exits and a unified dashboard.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.