OPEN-SOURCE SCRIPT
Actualizado VWAP and previous VWAP for Support & Resistance for D W M
I overhauled my old multi timeframe VWAP script to make the VWAP OC-Check work for all timeframes. Now only one function is used to calculate the 3 preset VWAPs.
Previous VWAPS = the price where the last session closed sometimes work as Support and Resistance.
The OC-Check Mode theory examines if the VWAP from the Open is above or below the VWAP from Close
and if price is above or below normal VWAP (HLC3).
This way we have 4 states:
Red = Strong Downtrend
Orange = Weak Downtrend
Blue = Weak Uptrend
Green = Strong Uptrend
As always it is just a theory - nothing is set in stone regarding any indicator.
Previous VWAPS = the price where the last session closed sometimes work as Support and Resistance.
The OC-Check Mode theory examines if the VWAP from the Open is above or below the VWAP from Close
and if price is above or below normal VWAP (HLC3).
This way we have 4 states:
Red = Strong Downtrend
Orange = Weak Downtrend
Blue = Weak Uptrend
Green = Strong Uptrend
As always it is just a theory - nothing is set in stone regarding any indicator.
Notas de prensa
Updated the description, changed the preset and removed a drawing from the chart.Notas de prensa
Fixed the title.Notas de prensa
Fix for linestyle and settings grouping order.Notas de prensa
Title update.Script de código abierto
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Exención de responsabilidad
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Script de código abierto
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Exención de responsabilidad
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.