Squeeze MTF Heatmap — Petunjuk oleh 03.freeman

TradingView

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Here is a multi-timeframe heat map using one of the most apreciated indicators in Tradingview: Squeeze Momentum Indicator by LazyBear.
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 Momentum Indicator

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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Komen

Actually I tried to use it on 1min chart but believe it gives out different to standard squeeze signals...does it work on lower timeframes?

Balas

TintinTrading

@TintinTrading, No it is designed to work starting from 15min timeframe.

Balas

What do the light blue cross represent?

Balas

Nelsoncl1819

@Nelsoncl1819, color.blue = no squeeze when cross is blue

Balas

How do I even read this indicator? What are those little gray icons representing here? Whats the difference between the darker and lighter colors?

Balas

camerons07

@camerons07, as per LazyBear explanation:
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

Balas

03.freeman

@03.freeman, thank you for the explanation. so the first line from the top of the indicator is the day, 2nd is 240, third 60, fourth 60 and fifth 15? And what does it mean if the crosses turn blue? the hline at 120 is just to have some padding from the top or what is the purpose of it? and finally why ist it recommended to use the indicator at the 15min chart (Study shall be added to 15min chart.) ?

Balas

martinweb

@martinweb, I try to answer to all your questions:
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.

Balas

03.freeman

@03.freeman, do you have recommendations on some indicators that work well in conjunction with the heatmap generator?

Balas