This indicator plots a custom Anchored Volume-Weighted Average Price (VWAP) directly on the price chart along with optional standard deviation bands. Users can anchor the VWAP to standard time periods like sessions, weeks, or months, or to corporate events suc
Indicator · Pine Script v5 · On the chart
Fair value bands
This overlay indicator plots a fair value basis on the price chart and surrounds it with threshold and deviation bands.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code478
Settings35inputs
LicenceNone stated
Last update8 months ago25 Feb 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
The basis can be an SMA, EMA, HMA, RMA, WMA, VWMA, median, or a VWAP anchored to a chosen timeframe, using a selectable price source and length. Trend coloring follows either cross or direction mode, and up to four source-versus-band crosses can be marked above or below selected offsets. Band width multipliers and colors control the display. An optional highlight shows metric calculations and time or volume counters in the Data Window. It does not place trades or set stops.
- Smoothed fair value basis
- Threshold and deviation bands
- Anchored VWAP option
- Four configurable cross markers
- Data Window metric highlight
Details
Published by
regalouisei on GitHub
Code credit
quantifytools, as written in the script's header
Type
Draws
On the price chart
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Highlight metric calculations | bool | false | i_btCheck |
| Threshold band width | float | 1 | i_boost |
| Deviation band width | float | 1 | i_bandBoost |
| VWAP anchor | timeframe | 1D | i_anchorTf |
| i_sourceString | string | OHLC4 | i_sourceString |
| i_smoothingType | string | SMA | i_smoothingType |
| i_length | int | 20 | i_length |
| i_trendMode | string | Cross | i_trendMode |
| ▲ | string | Low | i_thresholdUpString |
| ▼ | string | High | i_thresholdDownString |
| Cross | source | high | i_crossSrc1 |
| i_crossMethod1 | string | Above | i_crossMethod1 |
Show all 35 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| i_crossRef1 | string | +2 | i_crossRef1 |
| Cross | source | low | i_crossSrc2 |
| i_crossMethod2 | string | Below | i_crossMethod2 |
| i_crossRef2 | string | -2 | i_crossRef2 |
| Cross | source | close | i_crossSrc3 |
| i_crossMethod3 | string | Above | i_crossMethod3 |
| i_crossRef3 | string | Off | i_crossRef3 |
| Cross | source | close | i_crossSrc4 |
| i_crossMethod4 | string | Above | i_crossMethod4 |
| i_crossRef4 | string | Off | i_crossRef4 |
| Above | color | color.blue | i_crossAboveCol |
| Below | color | color.fuchsia | i_crossBelowCol |
| Fair value basis ▲ / ▼ | color | color.new(color.white, 50) | i_upColorLine |
| i_downColorLine | color | color.new(color.red, 50) | i_downColorLine |
| Threshold band ▲ / ▼ | color | color.new(color.white, 97) | i_upColorFill |
| i_downColorFill | color | color.new(color.red, 97) | i_downColorFill |
| Deviation hue ▲ / ▼ | color | color.new(color.red, 10) | extremeDeviationUp |
| extremeDeviationDown | color | color.new(#3c699e, 10) | extremeDeviationDown |
| Deviation bands extreme ▲ / ▼ | color | color.new(color.red, 90) | extremeUpColor |
| extremeDownColor | color | color.new(#205497, 90) | extremeDownColor |
| Deviation bands | color | color.new(color.white, 95) | deviationBandColor |
| Table position | string | Top right | tablePos |
| Table size | int | 3 | tableSize |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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