OPEN-SOURCE SCRIPT
Updated Volume Weighted MACD Oscillator
This oscillator plots volume weighted convergence/divergence from the 20, 50 and 200 tick MA's. I wanted to build another way to look at the data I saw being generated in my first script.
Release Notes
When cleaning up the script, I saw that while I based the script off a MACD plot, that it actually charts price variance between the VWMA and the SMA. The script is currently set to show as "Volume Weighted Price Oscillator". I see a few options here: Plot the MACD histogram and lines into script .. or update the name.
Release Notes
This update now shades based only if the trend is expanding to help chart the strength of the price action.When the trend starts to contract ( no shading for several bars in a row) it is generally the beginning of a squeeze.
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.
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.
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.