Squeeze Labels

A custom indicator created by TrendSpider on TrendSpider. You can import this custom indicator into your TrendSpider account. Don't have TrendSpider? Create an account first, then import the custom indicator.

This custom indicator uses emojis to visually highlight when an asset is either in a squeeze or when the squeeze is firing, based on the interaction between Bollinger Bands and Keltner Channels. By focusing solely on signals and skipping the plotting of the bands and channels, it keeps your chart clean and easy to read.

Source code

This indicator had been implemented by TrendSpider in JavaScript on TrendSpider. Check out the developer documentation to learn more about JS on TrendSpider.

describe_indicator('Squeeze Labels');

// Inputs for Bollinger Bands
const bbLength = input.number('Bollinger Length', 20, { min: 1 });
const bbMultiplier = input.number('Bollinger Multiplier', 2, { min: 0.1 });

// Inputs for Keltner Channel
const kcLength = input.number('Keltner Length', 20, { min: 1 });
const kcMultiplier = input.number('Keltner Multiplier', 2, { min: 0.1 });

// Calculate Bollinger Bands
const bbMiddle = sma(close, bbLength);
const bbDev = mult(stdev(close, bbLength), bbMultiplier);
const bbUpper = add(bbMiddle, bbDev);
const bbLower = sub(bbMiddle, bbDev);

// Calculate Keltner Channel
const kcMiddle = sma(close, kcLength);
const kcDev = mult(atr(14), kcMultiplier);
const kcUpper = add(kcMiddle, kcDev);
const kcLower = sub(kcMiddle, kcDev);

// Determine squeeze conditions
const mySqueezeCondition = for_every(bbUpper, bbLower, kcUpper, kcLower, 
    (_bbUp, _bbLow, _kcUp, _kcLow) => {
        if (_bbUp < _kcUp && _bbLow > _kcLow) {
            return '🍋'; // Lemon emoji for squeeze
        } else if (_bbUp > _kcUp && _bbLow < _kcLow) {
            return '🧃'; // Beverage box emoji for reverse squeeze
        }
        return null;
    }
);

// Function to remove consecutive duplicates
const removeDuplicates = (arr) => {
    return arr.map((value, index, array) => {
        if (index === 0 || value !== array[index - 1]) {
            return value;
        }
        return null;
    });
};

// Remove consecutive duplicates
const myUniqueCondition = removeDuplicates(mySqueezeCondition);

// Paint labels
paint(myUniqueCondition, {
    style: 'labels_above',
    name: 'Squeeze Indicator',
});