TheYangGuizi

VWAP Candles

Tried making candles of Vwap instead of normal price to see if something interesting would happen. Something interesting did happen as you can see.

Looks best in 4h because of reasons unknown. In lower timeframes it looks kinda stupid (moves the same as nrmal vwap ). Day or above it looks the same as normal candles.

Gaps seem to work as s/r? or at least I've seen price react to those levels.

I've also seen a vwap reversal candles show (like dojis, pin bar ), while price candles look normal. Could potentially give you a reversal warning?

You can also plot indicators like bollinger bands etc on the vwap candles. Just press the little plus.
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study(title="VWAP Candles", shorttitle="VWAP Candles", overlay=true)


//------------------------------------------------

//------------------------------------------------
NormalVwap=vwap(hlc3)
H = vwap(high)
L = vwap(low)
O = vwap(open)
C = vwap(close)

left = input(title="# bars to the left", type=integer, defval=30)

left_low = lowest(left)
left_high = highest(left)
newlow = low <= left_low
newhigh = high >= left_high

q = barssince(newlow)
w = barssince(newhigh)
col2 = q < w ?  #8B3A3A : #9CBA7F
col2b=O > C?red:lime


AVGHL=avg(H,L)
AVGOC=avg(O,C)
col=AVGHL>AVGOC?lime:red
col3=open > AVGOC?lime:red
plotcandle(O,H,L,C,color=col2b)
//plot(H, title="VWAP", color=red)
//plot(L, title="VWAP", color=lime)
//plot(O, title="VWAP", color=blue)
//plot(C, title="VWAP", color=black)

plot(NormalVwap, color=col2b)

Comments

Thank You. Fine work indeed.
Reply
I just saw this and put them on a chart. No real experience with it yet but, WHAT A GREAT IDEA! I like it a lot. I will try to provide more feedback soon. Any time you include volume in the mix, it gives a better picture. Thank you for creating this indicator.
Reply
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