This is an interesting indicator re-created by other traders on the TS forum. Known as the BB Squeeze Indicator, its concept is based on capturing breakout moves by using the Bollinger Bands and the Keltner Channels.

Whenever the Bollinger Bands fall inside the Keltner Channels the indicator will fire a signal. This signal is represented by a red dot on the lower pane.

When the Bollinger Bands breakout of the Keltner Channels the indicator fires a squeeze indicated by a blue dot on the lower pane. The trading signal is taken when the blue dot appears after the red dot in the direction of momentum. Momentum is plotted as a histogram. If the momentum is green (up) on a squeeze, this is a long signal. If the momentum is red (down) on a squeeze, this is a short signal.

See attachment for a screenshot.

Note: Please refer to the tradestation Forum for the owner of this indicator.

[godman]

works good thank you!