OPEN-SOURCE SCRIPT
VWAP Multi-Timeframe
This is a multi-timeframe VWAP indicator that provides volume weighted average price calculations for the following time periods:
You can use the lower timeframes for short term trend control areas and use the longer timeframes for long term trend control areas. Trade in the direction of the trend and watch for price reactions that you can trade when price gets close to or touches any of these levels.
This indicator will provide a data plot value of 1 for bullish when price is above all VWAPs that are turned on, -1 for bearish when price is below all VWAPs that are turned on and 0 for neutral when price is not above or below all VWAPs. Use this 1, -1, 0 value as a filter on your signal generating indicators so that you can prevent signals from coming in unless they are in the same direction as the VWAP trend.
Features
Customization
How To Use The Trend Direction Filtering Feature
The indicator will provide a data plot value of 1 for bullish when price is above all of the VWAPs that are turned on, a value of -1 for bearish when price is below all of the VWAPS that are turned on and a value of 0 for neutral when price is above and below some of the VWAPs that are turned on.
The name of the value to use with your external indicators will show up as: VWAP Multi-Timeframe: Trend Direction To Send To External Indicators
Make sure to use that as your source on your external indicators to get the correct values.
This 1, -1 or 0 value can then be used by another external indicator to tell the indicator what is allowed to do. For instance if you have another indicator that provides buy and sell signals, you can use this trend direction value to prevent your other indicator from giving a sell signal when the VWAP trend is bullish or prevent your other indicator from giving a buy signal when the VWAP trend is bearish.
You will need to program your other indicators to use this trend filtering feature, but this indicator is already set up with this filtering code so you can use it with any other indicator that you choose to filter(if you know how to customize pine script).
Markets You Can Use This Indicator On
This indicator uses volume and price to calculate values, so it will work on any chart that provides volume and price data.
- 15min
- 30min
- 1H
- 2H
- 4H
- 6H
- 8H
- 12H
- 1D
- 1W
- 1M
- 3M
- 6M
- 1Y
You can use the lower timeframes for short term trend control areas and use the longer timeframes for long term trend control areas. Trade in the direction of the trend and watch for price reactions that you can trade when price gets close to or touches any of these levels.
This indicator will provide a data plot value of 1 for bullish when price is above all VWAPs that are turned on, -1 for bearish when price is below all VWAPs that are turned on and 0 for neutral when price is not above or below all VWAPs. Use this 1, -1, 0 value as a filter on your signal generating indicators so that you can prevent signals from coming in unless they are in the same direction as the VWAP trend.
Features
- Trend direction value of 1, -1 or 0 to send to external indicators so you can filter your signal generating indicators using the VWAP trend.
- Trend table that shows you whether price is above or below all of the major VWAPs. This includes the daily, weekly, monthly and yearly VWAPs.
- Trend coloring between each VWAP and the close price of each candle so you can easily identify the trend direction.
Customization
- Set the source value to use for all of the VWAP calculations. The default is HLC3.
- Turn on or off each VWAP.
- Change the color of each VWAP line.
- Change the thickness of each VWAP line.
- Turn on or off labels for each VWAP or turn all labels on or off at once.
- Change the offset length from the current bar to the label text.
- Change the label text color.
- Turn on or off trend coloring for each VWAP.
- Change the color for up trends and down trends.
- Turn on or off the trend direction display table.
- Change the location of the trend direction display table.
- Adjust the background and text colors on the trend direction display table.
How To Use The Trend Direction Filtering Feature
The indicator will provide a data plot value of 1 for bullish when price is above all of the VWAPs that are turned on, a value of -1 for bearish when price is below all of the VWAPS that are turned on and a value of 0 for neutral when price is above and below some of the VWAPs that are turned on.
The name of the value to use with your external indicators will show up as: VWAP Multi-Timeframe: Trend Direction To Send To External Indicators
Make sure to use that as your source on your external indicators to get the correct values.
This 1, -1 or 0 value can then be used by another external indicator to tell the indicator what is allowed to do. For instance if you have another indicator that provides buy and sell signals, you can use this trend direction value to prevent your other indicator from giving a sell signal when the VWAP trend is bullish or prevent your other indicator from giving a buy signal when the VWAP trend is bearish.
You will need to program your other indicators to use this trend filtering feature, but this indicator is already set up with this filtering code so you can use it with any other indicator that you choose to filter(if you know how to customize pine script).
Markets You Can Use This Indicator On
This indicator uses volume and price to calculate values, so it will work on any chart that provides volume and price data.
Open-source script
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.
Trend Friend - Data Driven Trading Indicators For All Your Favorite Markets
Get Access To Our Premium Indicator Suite -> friendofthetrend.com/
Join Our Trading Group - facebook.com/groups/stockandcryptotradingstrategies
Get Access To Our Premium Indicator Suite -> friendofthetrend.com/
Join Our Trading Group - facebook.com/groups/stockandcryptotradingstrategies
Disclaimer
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.
Open-source script
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.
Trend Friend - Data Driven Trading Indicators For All Your Favorite Markets
Get Access To Our Premium Indicator Suite -> friendofthetrend.com/
Join Our Trading Group - facebook.com/groups/stockandcryptotradingstrategies
Get Access To Our Premium Indicator Suite -> friendofthetrend.com/
Join Our Trading Group - facebook.com/groups/stockandcryptotradingstrategies
Disclaimer
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.