The indicator will display colored zones directly on the price chart, providing clear visual signals about market conditions and potential trading opportunities. The colors will be plotted on a current candle.
Input Parameters:
- Bollinger Bands settings (Period and Deviation)
Keltner Channel settings (EMA Period, ATR Period, and Multiplier)
- Calculates Bollinger Bands (Middle SMA with ±2σ)
Calculates Keltner Channel (EMA ± ATR * Multiplier)
Detects squeeze when BB bands are inside Keltner Channel
- Gray color fills between BB bands during squeeze
Green/Red shows price position relative to BB middle during non-squeeze
Blue/Magenta indicates price breaking out of BB bands
- Creates time-based rectangles for visual representation
Automatically removes old objects to maintain performance
Updates dynamically with new price data
