BTC Squeeze Pro 2

This indicator combines elements from both Bollinger Bands and Keltner Channels to create a complex market analysis tool often referred to as a "Squeeze" indicator. Here’s a breakdown of its components and functionalities:


Bollinger Bands and Keltner Channels:
These are volatility indicators. Bollinger Bands are calculated using a standard deviation around a moving average, while Keltner Channels use the average true range to set channel distance from a moving average.
The code allows users to select the type of moving average for each (SMA, EMA, WMA, VWMA, RMA).

Squeeze Momentum (SZ):
This calculates the linear regression of the difference between the price and a combination of the highest highs and the lowest lows smoothed by an exponential moving average over a set period. This part of the indicator helps to detect momentum or acceleration in price movements.

Squeeze Conditions:
The Indicator includes logic to determine when the Bollinger Bands are inside the Keltner Channels. This condition suggests a "squeeze," indicating low volatility and potential for an upcoming significant price movement.
Color Coding:

Various conditions within the squeeze logic change the color of the histogram bars and background to visually signify different market conditions (like bullish or bearish momentum).

Alerts:
The indicator can trigger alerts for various events, such as the beginning or end of a squeeze, or when a certain number of "squeeze" conditions have been met.

Usage:
This indicator would be used by traders to identify potential breakout conditions. A squeeze indicates a period of low volatility and is often followed by a period of high volatility, suggesting a significant price move might be imminent. The different colors and alerts help in quick decision-making.