Bollinger bands - squeeze - indicator for MetaTrader 5

Theory :

The "squeeze" method (indicator doing that was posted here : Squeeze )is usually (due to the nature of calculation - since it uses standard deviations as a part of calculation) associated with Bollinger bands indicator. This indicator is doing that : combining the Bollinger bands and the "squeeze" into one indicator

Usage :

Check if the middle Bollinger bands value has a color or not. If it does not have a color (it is gay), according to theory the market is consolidating and you can expect a break in either direction. Use the Bollinger bands itself for estimation of the possible direction and then use the color change as signal. The color of the middle line is not based on middle line slope, but on the median price position related to that value

The ATR and deviation bands multipliers used as default are the ones that are usually used for that. Some experimenting with those parameters is advised before you use the indicator for trading decisions