Swing-Based VWAP

Swing-Based VWAP

Summary:
The "Swing-Based VWAP" indicator enhances traditional VWAP calculations by incorporating swing-based logic. It dynamically adapts to market conditions by identifying key swing highs and lows and calculating VWAP levels around these pivot points. This makes it a versatile tool for traders seeking actionable price insights.

Explanation:
What is Swing-Based VWAP?
The Swing-Based VWAP is a modified version of the Volume-Weighted Average Price (VWAP). It calculates VWAP not only for a chosen timeframe (e.g., session, week) but also adapts dynamically to market swings. By identifying swing highs and lows, it offers more precise levels for potential price action.

Unique Features:
1. Dynamic Swing Integration:
- Uses pivot points to determine significant price levels.
- Calculates VWAP based on these points to adapt to market trends.

2. User-Friendly Settings:
- Includes options to hide VWAP on higher timeframes for chart clarity.
- Flexible swing size input for adjusting sensitivity.

How to Use:
1. Configuring Swing Settings:
- Use the "Swing Setting" input to determine the sensitivity of swing detection.
- Higher values identify broader swings, while smaller values capture more granular movements.

2. Enabling/Disabling VWAP:
- Toggle VWAP visibility using the "Use VWAP" option.
- The "Hide VWAP on 1D or Above" setting lets you control visibility on higher timeframes.

3. Anchor Period:
- Select your preferred anchoring period (e.g., session, week) to match your trading style.

4. Adjusting the Data Source:
- Use the "Source" input to select the price source (default: HLC3).

5. Visualizing Swing-Based VWAP:
- The script plots a dynamic VWAP line based on detected swing points.
- This line highlights average price levels weighted by volume and swing pivots.