Pinnacle_Investor

Ultimate VWAP Bands

- Ultimate VWAP Bands is a script that helps to decide and further clarify areas of oversold and overbought conditions.

- For example, when the price is in the lowest band it is extremely oversold relative to the VWAP . Hence it should be considered a good place to buy with a high risk to reward payoff.

- Each band is set at a fixed offset away from the VWAP . The "VWAP Band Multiplier" adjusts this and is a key part of the script. This allows the indicator to be adjusted based on the assets volatility . For example, with Crypto. A multiplier of 1 would be strongly advised. Whilst a multiplier of 0.1-0.25 would be useful for currency pairs.

- This indicator can be used for all manners of trading. However, it is most effective when used for scalping and swing trading.
Release Notes: Added an optional 2nd and 3rd VWAP. Timeframes can be adjusted. By default the 2nd is set to 'D' (Daily), with the 3rd set to 'W' (Weekly)
Release Notes: Changed the 2nd and 3rd VWAP's
Release Notes: Ability to apply the bands to the 2nd and 3rd VWAP
Release Notes: Please find the new version of this on my profile called "Ultimate VWAP Bands w/Wolfpack".

1. Improved code
2. Dynamic VWAP multiplier
3. Wolfpack Bull/Bear Trend Included

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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