This histogram is a plot of the difference between the current and previous multiplier by the sensitivity value. Green indicates an up trend and red indicates a down trend.
The white line is the lower BB subtracted from the upper BB and signals should be taken when the histogram is greater than this line.
The blue line is taken from the Squeeze Indicator and is the Channel. If the white line is less than the blue line it can be considered a squeeze and the background color of the indicator is coloured to indicate when not in a squeeze.
Happy trading folks!
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.