This is the Histogram Version of one of my other indicators named: [LazyBear] SQZ Momentum + 1st Gray Cross Signals (with arrows) Which is a modification of "Squeeze Momentum Indicator" by user: "LazyBear". In that indicator of his he described, and suggested, the use of his gray cross signals to find points of interest for trading based on the direction of momentum when the first gray cross appears... I have programmed these points, and highlighted them, for ease of use. The 1st gray cross strategy, he said , is from John F. Carter's book, Chapter 11, "Mastering the Trade". Here we have the Histogram version, with background highlights only, and nothing on the chart, in true [LazyBear] SQZ Momentum style.
Disclaimer: using this indicator, or any indicator anywhere, involves risk when trading and isn't a guarantee of 100% accurate results.
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This update adds bands and changes the background bar colors to a neutral gray color.
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Inputs menu arrangements
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In the latest version of the script, I've introduced a couple of enhancements: Selectable Plot Style: Users can now choose between two plot styles, "Histogram" and" Columns" , to best suit their visualization needs. This option can be found under the 'Plot Style' dropdown in the script's input menu. Select 'Histogram' for a traditional histogram view or choose 'Columns' for a column-like display. Toggle Horizontal Lines: I've also added a feature allowing users to turn the visibility of horizontal lines on or off. You'll find this option as a switch titled 'Bands' under the script's input menu. By default, the horizontal lines are visible, but if you prefer a cleaner chart, you can easily hide these lines by turning off the switch.
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I have modified the default settings to allow the exclusion of the overbought and oversold lines; you can now toggle them on or off. Additionally, I've changed the default style to columns, but you can still choose between histogram and column views.
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This update introduces alerts. This allows users to set up alerts via the Alerts Tab. Now, whenever there's the first gray cross in the direction of the momentum, you have the option to receive an alert.