Definition of squeeze play
A squeeze is when a player 3-bets when there is already an open raise and a cold call. The most common squeeze play is when the player on the button raises, the player in the small blind calls and the player in the big blind 3bets. His 3bet will be called a squeeze play. Generally, it is more strategic to make a squeeze play in position, but squeeze play out of position can also be an option.
Why do we do a squeeze play?
The squeeze player wants to have the initiative. He doesn't want to simply call out of position and be bluffed by the player in position who may represent a range of hands. The player who squeezes in BB position when the button opens and the player in SB position calls, does so because the button has a big range and will have to fold often. The same is true for the small blind. If the player in SB position had a big hand, he would probably have made a 3bet. The 3bet will have a high success rate here. And when the player who makes a squeeze play is called, he can still represent a wide range of hands and win the hand after the flop.