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Plots moving average of VWAP , and often does a much better job than typical MA's at showing dynamic Support/Resistance . Good trend indicator for systems. Really adds perspective to longer term charts like Daily Weekly. With short-term intradays, the average won't be far from the basic vwap so not so helpful, but zoom out to hourly and it becomes quite interesting already.
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I didn't realise this script would be published with the chart. If so, would have cleaned it up. As it happens, this is an interesting time for all the indicators displayed. Forget about the lower ones, they are for intraday 3-5 mins. On the main chart, the market broke through Daily Ichimoku Clouds after also breaking down past a trendline drawn from weekly lows going back quite a while now. As this happens, it just also goes down through the 89 bar MA, often good on Dailies, so the Trendline, Ichi and MA are all giving short signal-indications pretty much at the same time, which makes them more powerful. The circles are moon cycles which I have up just because it's fun. So then what is left is the upper magenta line - that is this published MVWAP indicator, a moving average of the VWAPs at close every day. You can see that after touching the long term trendline - which I never drew further yet - the market rallied a little but only enough to touch this moving average vwap and not go through. Of course that is partly luck because this is a 21-bar input - a 13 bar input no doubt wouldn't have made such a nice-looking chart, but still the principle holds: it tends to give helpful information.

One way to evaluate it is to put it up against other MA's with the same input - like 21 - and in faster timeframes like 30 min, 5 min etc.

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