! How to set up Squeeze Watchlist Columns in TOS

The Squeeze is an extremely powerful indicator for timing trades as well as understanding price movement. When you set up your watchlist full of your favorite stocks, ETFs, Indexes, currencies. etc. you can now add a Custom column to the mix which will give you a quick view of the Squeeze. When watching this column you can easily see if an underlying has a Squeeze setting up or recently fired which is pivotal to timing your trades around this set up. 


The squeeze watchlist in TOS is sometimes confused with "Squeeze for Radar Screen" which is an indicator available for purchase for Tradestaion only.


Custom Code:

# Simpler Trading Squeeze watchlist column - Eric Purdy 2017

# Shared Link -    http://tos.mx/5cpgKa
def sqz = !TTM_Squeeze().SqueezeAlert;
def direction = TTM_Squeeze()>TTM_Squeeze()[1];
def count = if sqz and !sqz[1] then 1 else count[1]+1;
def fired = if !sqz and sqz[1] then 1 else 0;
def firedCount = if fired then 1 else firedCount[1]+1;
def firedDirection = if fired then direction else firedDirection[1];
addLabel(yes, if sqz then “Squeeze:” + count else if sum(fired,5) then “Fired:” + firedCOunt + if firedDirection then ” Long” else ” Short” else “-”, if sqz then color.red else if sum(fired,5) and firedDirection then color.green else color.orange);

How to set up your Custom Column: In a Watchlist

You can set up your Custom Squeeze Column(s) by copying this code into a Custom Script in TOS. 

- First select the gear icon in the upper right corner of your Watchlist gadget and select " Customize". 

You will see your Available Items on the left and the Current on the right.

- Find a Custom Script File to use for your Squeeze Watchlist Column. Use the search box in the upper left corner and type "custom". You should then see Custom Script 1, Custom Script 2...etc. (Your numbers may very)

Select the Scroll icon next to the Custom Script available. 

This will bring up your Custom Quote Formula window. Select the Thinkscript Editor tab.

Now change the name of the Script. This name is going to be the title of the Watchlist column. It is recommended to use something like Squeeze - Daily, Squeeze - Weekly, Squeeze - 5 Min, Squeeze - 1 Hr...etc. 

Select the time frame you are looking for...Daily for this example. The name should match your time frame selected as depicted above. 

Now paste the code in the Thinkscript Editor section. 

Click Apply, then OK.

Once you have the code pasted into a Custom Script you will be able to apply the column to any of your watchlists from the Available Items on the left.  

It is recommended you create a watchlist with short term columns, i.e. 5, 15, 30 min time frames. Then create a separate watchlist with longer time frames 1 hr, 4 hr, daily, weekly, etc. to keep calculations running smoothly in TOS.


 

What the number after the squeeze means in the Squeeze watchlist column.



For a ticker symbol that is currently in a squeeze, the squeeze will be printed as a red label or text.
The number following the colon will refer to the number of bars the symbol has been in a squeeze.

 

For a ticker symbol that has fired long (ie. no longer in a squeeze), the label or text will be printed in green.
The number following the colon will refer to the number of bars the symbol has no longer been in a squeeze.

 

For a ticker symbol that has fired short (ie. no longer in a squeeze), the label or text will be printed in either orange or green.
The number following the colon will refer to the number of bars the symbol has no longer been in a squeeze.

 

Your squeeze watchlist may look like the following, which is the standard watchlist the traders use..
Squeezes are printed in red, fired squeezes (short or long) are printed in green.

 

For further information on squeeze watchlists, see the following links:

Squeeze - Watchlst: Filled labels