Untitled

//@version=5

indicator(title='Bollinger Bands Width with Squeeze Alert', shorttitle='BBW with Squeeze', precision=2)

comp_len = input(125, 'Back comparison period for squeeze detection (bars)')
length = input.int(20, minval=1)
src = input(close, title='Source')
mult = input.float(2.0, minval=0.001, maxval=50)

bbwidth() =>
    basis = ta.sma(src, length)
    dev = mult * ta.stdev(src, length)
    upper = basis + dev
    lower = basis - dev
    (upper - lower) / basis

bbw = bbwidth()

squeeze = bbw == ta.lowest(bbw, comp_len)

bgcolor(squeeze ? color.fuchsia : na, transp=75)

plot(bbw, 'BBW', color=color.new(#138484, 0))
hline(0)

alertcondition(squeeze, 'Bollinger Squeeze ', 'Bollinger Squeeze ')