I have modified LazyBears Squeeze Momentum Indicator with enhancements, plus added signals LazyBear mentioned that in John F. Carter's book, Chapter 11, "Mastering the Trade", that "Mr. Carter suggests waiting till the first gray after a black cross, and taking a position in the direction of the momentum (for ex., if momentum value is above zero, go long). Exit the position when the momentum changes (increase or decrease --- signified by a color change)." I have done just that. Now at each "first gray after a black cross", there are now Bearish and Bullish signals.. The signals only appear in the direction of the momentum.
Disclaimer: This indicator does not constitute investment advice. Trade at your own risk with this method of identifying changes in stock market momentum.
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Tooltip updated (Show/Hide Bearish/Bullish) It now says: For a multi-source histogram, hide signal groups and move indicator to a new pane
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Updated code notes
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An attempt to rename the title to: 1st Gray Momentum Signals + SQZ Mom [LazyBear] ━ whvntr
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Great new feature: Adjust the length of the arrows in the Inputs Menu. I just made the option to shorten the length of the arrows...Enjoy! As a note... if found no reference on the internet on how to accomplish this.. I, through trial and error, developed a path to display text via input.string in the code. Fellow coders of Pine will appreciate this.
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Input arrangements
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Font adjustments
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Updated histogram bool value to true
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Added arrow adjustments to the top of the menu..plus restored default settings
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Added Inlines to the Inputs Menu
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Added background highlights
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Adjusted inlines
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Alerts tested and active. To use: click 🕘Alert + Condition + SQZ_MULT + (1st Gray Cross Longs or Shorts) + Trigger: "Once Per Bar Close" Background highlight feature can now be used separately.
Histogram only version (with highlights) just released as: "1st Gray Cross Signals ━ Histogram SQZMOM [whvntr][LazyBear]"
cmaindranilbasu05
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Is buy sell repaint?
whvntr
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@cmaindranilbasu05, Alerts were just added.. to use: click 🕘Alert + Condition + SQZ_MULT + (1st Gray Cross Longs or Shorts) + Trigger: "Once Per Bar Close" (To avoid repainting)
whvntr
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@cmaindranilbasu05, But to answer your question more directly: it shouldn't. And I haven't noticed that it does. Let me know if you see anything
whvntr
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@cmaindranilbasu05, More importantly, the code executes the strategy perfectly, and the alerts also work flawlessly