Only difference in this one is that a EMA is used which should give quicker signals but theres a chance for more false signals as per usual use TA and other indicators to confirm positions. So far I've been liking the Vortex Indicator
When the VWAP (Thick Yellow) AND the two EMA (Orange and thin Yellow) cross above the MVWAP (Purple) then you will be in a uptrend that could possibly continue upwards. The opposite is true if you are looking a short opportunity, wait for the three other lines to cross under the MVWAP and you should be in a downtrend that could possibly continue downwards
Of course as with all indicators not every signal will be 100% accurate there is no way to predict human emotions when it comes to trading but based on the VWAP strategy used in other markets this is the closest I could get.
Note: Don't relay completely on this indicator to think for you. Use other forms of TA to confirm all positions before entering. And if the candles start trending the opposite direction after a lets say a mini pump/dump then the signal was false.
Finally this was made according to the 15 minute chart. I did not plan on remaking it for any other timeframes as I have left the code open for you to tweak and the setting are free to adjust aswell.
Q/A
Q: Does it repaint? A: No, this is based on moving averages as far as I know they don't repaint.
Q: How did you come up with this indicator? A: Went on youtube looking for trading strategies other and the usual EMA crosses and found a VWAP & EMA strat. I added the MVWAP and played with the numbers until I found something that I liked.
Q: How long have you been trading/learning pinescript? A: Been trading less than a two months and pinescript about a month and a half.
Back tested it. Works like a charm. Thank you @derricklaflame
Crypto225
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@vikasbs123, tried this with BTC/ETH?
RajeshV
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@vikasbs123,
Hi Vikas, thank you for the feedback. What instruments have you backtested with?
SureVik
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@RajeshV, used it on index futures. Nifty index futures to be precise.
RajeshV
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@vikasbs123,
Thank you for the reply. I used it on a few stock charts also. It's working on them as well seamlessly. Let's see how it unfolds in real market conditions.
Thanks Bro!
RajeshV
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@vikasbs123,
One more query if you could please answer, have you retained the 15M timeframe or experimented with Larger Time Frames also?