J-Streak

(JS) Bollinger Bands Momentum Average

So this is something I've been using with my Squeeze system that I have found very useful (great addition especially if you use the Squeeze Arrows).

First thing I'd like to point out is that the default setting (20 SMA ) is also the default for the Bollinger Bands basis line, so I recommend using the line set at the default.
First thing you'll notice is that whichever side of the line the candles close on, that basically determines the direction of the arrow for the Squeeze Arrows.

So this is extremely helpful in case momentum shifts after an arrow signal is given, if you see the price shoot to the other side of the line you can use that as a means of protection.

Second, the line is color coded in a way that I hope helps with entries and exits.
The colors of the line change based on two things:
1. If there is currently a squeeze.
2. Are the Bollinger Bands expanding or contracting.

Generally speaking, when the bands are contracting (light green and light orange default colors) this is the ideal time for entry before a trending move occurs.
Same thing on the flip side when they're expanding (dark green and dark orange default colors), that's usually the better time to exit.

Now what's the difference between orange and green?
Green = There's an ongoing squeeze
Orange = There's currently no squeeze

So playing the side of momentum when the line is light green and starts to break in a certain direction would be the ideal entry.
And, if momentum changes from that point, you can always use a close on the opposite side of the line as a stop (or an entry the other way).

This is something else I've been using on my own for a little while prior to publishing and it has been a tremendous tool for me. Hope it helps you all as much as it has me!
Release Notes: Added ability to choose which squeeze setting you wanted to work with the momentum line
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Comments

Could you possibly share this with me?
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J-Streak Trading-Syndicate
@Trading-Syndicate, its already in the squeeze pro overlays script
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