We analyze a degenerate three-level cascade laser coupled to an external coherent light via one of the coupler mirrors and vacuum reservoir in the other, employing the stochastic differential equation associated with the normal ordering. We study the squeezing properties and also calculate the mean photon number of the cavity radiation. It turns out that the generated light exhibits up to 98.3% squeezing under certain conditions pertaining to the initial preparation of the superposition and the amplitude of the driving radiation. Moreover, the mean photon number is found to be large where there is a better squeezing. Hence it is believed that the system under consideration can generate an intense squeezed light.