This indicator plots VWAPs anchored to each day of the week. VWAPs are considered "fair price" for both sellers and buyers and it's often times where the liquidity is found. From my trading I noticed how often times price likes to come back to the daily VWAP from the previous week, especially at the beginning and end of each week. For example, if we enter a long on Friday, last Friday's VWAP tends to act as a target for the price. Another use for it is to get an understanding of how the trend develops throughout the week. If the following day's VWAP is above the previous day's VWAP - we have a trend continuation.
Release Notes
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Minor code cleaning
Release Notes
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A small change was made to the script, it now shows only today's and previous day's VWAP instead of all 5 of them.