Difference between Squeeze Watchlist and TTM Squeeze

I'm not if I can answer this question any more clearly then it was answered in the videos you linked. The difference between them was clearly and carefully explained in each of the videos. The code can be downloaded and installed on your own watchlist. Which should give you a direct hands-on experience to understand exactly what they do. One shows the current color of the Histogram of the TTM_Squeeze and the other shows the color of the red and green dots on the centerline of the TTM_Squeeze.

Yes, you can have both at the same time. One of the two videos actually shows an example of this. "How do go about about doing that?" Well that is actually what each video demonstrates. To show you step-by-step how to do it. Pros and cons? We have absolutely no opinion on the efficacy of any technical indicators. We are only here to show you how to get the most from your trading platform and learn how to apply it's various tools to streamline your workflow.