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.
Release Notes
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Note: Updated to V5 from V4
Release Notes
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Did minor updates for users to be able to edit color and opacity of histogram to increase visibility on lighter backgrounds.
Sir, Could you please add this indicator to me, I am not able to visualize nothing in lighter as well as in darker chart. Thank you
Pratik_4Clover
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@mgbabu18, It works fine, I think you are probably trying to apply it on a script that does not have a volume data. I'll need lot more information to solve your problem.
Could you kindly add the option to change the opacity of the histogram bars as well as the colour of the bars and the oscillator line manually? It will help with viewing the indicator on lighter charts as opposed to the darker ones.
Thanks
Pratik_4Clover
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@TMK2, Done, you can access the same in "Style" part of the setting.
@Pratik_4Clover , would you mind having a look at this again? I’ve removed and re-added the indicator, I still can’t find the ‘’style’’ section of the new indicator, and thus am still unavailable to change colour and opacity settings.
Can you help?
Pratik_4Clover
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@TMK2, It works fine, I think you are probably trying to apply it on a script that does not have a volume data. I'll need lot more information to solve your problem.
Linktind
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Great indicator!
Could you please explain what does a dotted orange line indicate? I believe this indacator also has a blue dotted line above 0 line. Would be nice if zou could elaborate a bit more.