Pinnacle_Investor

Ultimate VWAP Bands

- Ultimate VWAP Bands is a script that helps to decide and further clarify areas of oversold and overbought conditions.

- For example, when the price is in the lowest band it is extremely oversold relative to the VWAP . 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 VWAP . 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 volatility . 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.
Release Notes: Added an optional 2nd and 3rd VWAP. Timeframes can be adjusted. By default the 2nd is set to 'D' (Daily), with the 3rd set to 'W' (Weekly)
Release Notes: Changed the 2nd and 3rd VWAP's
Release Notes: Ability to apply the bands to the 2nd and 3rd VWAP
Release Notes: Please find the new version of this on my profile called "Ultimate VWAP Bands w/Wolfpack".

1. Improved code
2. Dynamic VWAP multiplier
3. Wolfpack Bull/Bear Trend Included
Open-source script

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.

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Comments

legend
100 coins
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Nice Work, anyway you could add deviation, vwap history for previous periods? love the work.
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Your base vwap value is the same as tradingview vwap but second and third vwaps do not match tradingwiew's daily or weekly vwap. Is there a mistake in your 2nd and 3rd vwap calculation?
Reply
@Nofnln, Just updated the script
Reply
Nofnln Pinnacle_Investor
@Pinnacle_Investor, Thank you for your time. Now all the vwaps give the same value with tradingview's vwaps (d, w, and m). I do not know the difference but the 2nd and 3rd vwaps in the previous version spot the trend well though they are not matching tradingview's vwap values. Good work!
Reply
@Nofnln, They were the vwap values at the open of the daily/weekly candle, hence they were static. Hope this new updates helps
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CryptoMeds Pinnacle_Investor
@Pinnacle_Investor, Thank you for your efforts!
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Well done, PI!
Reply
awesome work!! Thanks a lot
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