- For example, when the price is in the lowest band it is extremely oversold relative to the . Hence it should be considered a good place to buy with a high risk to reward payoff.
- Each band is set at a fixed offset away from the . The "VWAP Band Multiplier" adjusts this and is a key part of the script. This allows the indicator to be adjusted based on the assets . For example, with Crypto. A multiplier of 1 would be strongly advised. Whilst a multiplier of 0.1-0.25 would be useful for currency pairs.
- This indicator can be used for all manners of trading. However, it is most effective when used for scalping and swing trading.
1. Improved code
2. Dynamic VWAP multiplier
3. Wolfpack Bull/Bear Trend Included
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.