Bollinger Bands Squeeze - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

Based on the idea, Bollinger Bands Squeeze detects cycles in “no-go” areas by combining Bollinger Bands and Keltner. A "squeeze" occurs when Bollinger Bands are within the Keltner Channel, and new positions should not be entered at this time. The idea behind this is that when the market is moving, the deviation from the moving average is smaller than the average true range, and usually occurs when the market is about to change.

There are few versions of the BB Squeeze indicator, but they are combined with some other indicators (not related to Bollinger Bands or Ketner Channels). This version only uses the original indicator and, unlike some oscillators, displays its status on the main chart.

When a "squeeze" occurs, the indicator fills the band area with gray. This means you should not enter new orders at this time. When the zone is clear, it shows the relative position of the closing price compared to the Bollinger Band median, and also shows the closing price's band breakout.

Attachment download

📎 bollinger_bands_squeeze.mq5 (11.56 KB)

Source: MQL5 #22615