VWAP and previous VWAP for Support & Resistance for D W M

11 jul 2022

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.

11 jul 2022

Notas de prensa

Updated the description, changed the preset and removed a drawing from the chart.

11 jul 2022

Notas de prensa

Fixed the title.

11 jul 2022

Notas de prensa

Fix for linestyle and settings grouping order.

11 jul 2022

Notas de prensa

Title update.