TheYangGuizi

VWAP Candles

353 0 35
Tried making candles of Vwap instead of normal price to see if something interesting would happen. Something interesting did happen as you can see.

Looks best in 4h because of reasons unknown             . In lower timeframes it looks kinda stupid (moves the same as nrmal vwap ). Day or above it looks the same as normal candles.

Gaps seem to work as s/r? or at least I've seen price react to those levels.

I've also seen a vwap reversal candles show (like dojis, pin bar), while price candles look normal. Could potentially give you a reversal warning?

You can also plot indicators like bollinger bands etc on the vwap candles. Just press the little plus.
Remove from Favorite Scripts Add to Favorite Scripts
study(title="VWAP Candles", shorttitle="VWAP Candles", overlay=true)


//------------------------------------------------

//------------------------------------------------
NormalVwap=vwap(hlc3)
H = vwap(high)
L = vwap(low)
O = vwap(open)
C = vwap(close)

left = input(title="# bars to the left", type=integer, defval=30)

left_low = lowest(left)
left_high = highest(left)
newlow = low <= left_low
newhigh = high >= left_high

q = barssince(newlow)
w = barssince(newhigh)
col2 = q < w ?  #8B3A3A : #9CBA7F
col2b=O > C?red:lime


AVGHL=avg(H,L)
AVGOC=avg(O,C)
col=AVGHL>AVGOC?lime:red
col3=open > AVGOC?lime:red
plotcandle(O,H,L,C,color=col2b)
//plot(H, title="VWAP", color=red)
//plot(L, title="VWAP", color=lime)
//plot(O, title="VWAP", color=blue)
//plot(C, title="VWAP", color=black)

plot(NormalVwap, color=col2b)
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out