The squeeze break indicator is a range and trend filter. It is meant for the Metatrader 4 platform (MT4). Red means range, Green means trend. The indicator itself does not tell which direction the trend is moving, hence it comes with a 12 period (default) momentum indicator to tell which direction the market is trending.
What is inside the indicator?
The indicator comprises of a bollinger band and keltner channel. When the bollinger band is within the keltner channel, the indicator shows red, which means the market is ranging. When the bollinger band is outside the keltner channel, it prints green and shows that the market is trending.
How do I use it?
I suggest using it to filter trending and ranging markets.
Trend = use trend strategies (moving average cross, etc)
Range = use range strategies (stochastics, oscillators)
Here’s a screenshot of it in action:
Download it: Squeeze Break indicator
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