VWAP Oscillator
Today I'm proposing a simple VWAP oscillator script to trade buy and sell waves more easily.
You trade this similar to how you trade Awesome Oscillator, so if you want an explanation just look up YT videos.
In addition to that, this will also show volume squeezes, please note that this is a makeshift way and not real volume squeeze phenomena of volume profile and tape. None the less, it is quite good at allowing you to ride out good trending waves and locate weak price action due to volume squeeze. You can turn off bar coloring from settings if you don't want this.
For ease of reading, I've also applied Allenstars Dynamic zones on this indicator so you can easily locate where the reading is entering in long and where it is in sell, this is compared to selected sample size. I've already selected the most common setting for that, so you don't really need to fiddle with it unless you find something better.
This indicator can be used to trade divergences as well, in fact, I feel it is better for that compared to RSI/MACD, the usual suspects.
Past performance is not assurance of future performance and this idea is published for only educational purposes, author taken no responsibility for your profit or loss.
You trade this similar to how you trade Awesome Oscillator, so if you want an explanation just look up YT videos.
In addition to that, this will also show volume squeezes, please note that this is a makeshift way and not real volume squeeze phenomena of volume profile and tape. None the less, it is quite good at allowing you to ride out good trending waves and locate weak price action due to volume squeeze. You can turn off bar coloring from settings if you don't want this.
For ease of reading, I've also applied Allenstars Dynamic zones on this indicator so you can easily locate where the reading is entering in long and where it is in sell, this is compared to selected sample size. I've already selected the most common setting for that, so you don't really need to fiddle with it unless you find something better.
This indicator can be used to trade divergences as well, in fact, I feel it is better for that compared to RSI/MACD, the usual suspects.
Past performance is not assurance of future performance and this idea is published for only educational purposes, author taken no responsibility for your profit or loss.
Release Notes:
Note: Updated to V5 from V4
Release Notes:
Did minor updates for users to be able to edit color and opacity of histogram to increase visibility on lighter backgrounds.