03.freeman

Squeeze MTF Heatmap

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  
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Comments

What do the light blue cross represent?
+1 Reply
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?
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Amazing! Thank you!
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How do I even read this indicator? What are those little gray icons representing here? Whats the difference between the darker and lighter colors?
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03.freeman 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
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martinweb 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.) ?
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03.freeman 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.
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martinweb 03.freeman
@03.freeman, do you have recommendations on some indicators that work well in conjunction with the heatmap generator?
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martinweb 03.freeman
@03.freeman, and what do you think are the pros and cons of SQZMOM_LB and the Squeeze Heatmap?
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