- 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.
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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)
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Changed the 2nd and 3rd VWAP's
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Ability to apply the bands to the 2nd and 3rd VWAP
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Please find the new version of this on my profile called "Ultimate VWAP Bands w/Wolfpack".
If I might suggest an improvement : ability to automatically adjust the VWAP plot per specific timeframe.
Example : opening the 15m tf automatically plots the daily VWAP, 4h tf automatically plots the monthly VWAP...
I think this would be more practical than manual adjustments.
ubagsvincent
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Can't find it in the indicator list, even if put in favorite
ES-View
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Nice Work, anyway you could add deviation, vwap history for previous periods? love the work.
Nofnln
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Your base vwap value is the same as tradingview vwap but second and third vwaps do not match tradingwiew's daily or weekly vwap. Is there a mistake in your 2nd and 3rd vwap calculation?
@Pinnacle_Investor, Thank you for your time. Now all the vwaps give the same value with tradingview's vwaps (d, w, and m). I do not know the difference but the 2nd and 3rd vwaps in the previous version spot the trend well though they are not matching tradingview's vwap values. Good work!
Pinnacle_Investor
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@Nofnln, They were the vwap values at the open of the daily/weekly candle, hence they were static. Hope this new updates helps