Ultimate Squeeze & Breakout

Title: Ultimate Squeeze & Breakout [Volatility + Momentum]

Description: This professional volatility indicator utilizes the power of Bollinger Bands and Keltner Channels to identify high-probability consolidation zones and explosive breakouts. It is designed to help traders spot "The Squeeze"—a critical period of low volatility where the market builds potential energy before a significant directional move.

How It Works:

1. The Energy (The Squeeze): Using the classic TTM Squeeze logic, the indicator monitors the relationship between price volatility (Bollinger Bands) and average range (Keltner Channels).

Red Cloud: Volatility is compressed. The Bollinger Bands have contracted inside the Keltner Channels. The market is coiling like a spring. This is the Setup Phase.

2. The Breakout (The Release): When price expands and closes outside the bands, the energy is released.

Momentum Filter: A unique filter checks the slope of the 20-period Basis Line (SMA). Breakout colors only trigger if the momentum slope agrees with the breakout direction, helping to filter out weak "fakeouts."

Visual Guide:

☁️ Cloud Colors (Volatility State):

🟥 Red: Squeeze ON (Consolidation/No Trade).

🟣 Fuchsia: Bullish Momentum Breakout.

🔵 Blue: Bearish Momentum Breakout.

⬜ Gray/Green: Normal Trending (Neutral).

Features:

Smart Filters: Breakouts are validated by the underlying momentum slope.

Trend Coloring: Option to switch the neutral trending cloud between Gray and Green.

Precision Tuning: Decimal inputs allow for fine-tuning of Standard Deviation and ATR multipliers.

Alerts: Full alert support for Squeeze Start, Bullish Breakouts, and Bearish Breakouts.

Credits: This script is built upon the foundational TTM Squeeze concept popularized by John Carter, enhanced with dynamic coloring and momentum filtering.