Calculates an Elastic Volume Weighted Moving Average (EVWMA), incorporating trading volume to dynamically adjust moving average responsiveness over a specified lookback length. It plots directly on the price chart as a single moving average line. Optional colo
Indicator · Pine Script v5 · On the chart
Volume Weighted Exponential Moving Average
An indicator that plots a volume-weighted exponential moving average on the price chart, calculated as the EMA of price times volume divided by the EMA of volume.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code68
Settings6inputs
LicenceNone stated
Last update1 year ago17 Jan 2025
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 length can be fixed or chosen automatically from the chart timeframe. Optional upper and lower bands are drawn at a multiple of a volume-weighted standard deviation. Source, offset and band multiplier are adjustable. It needs volume data to work and gives no trade signals on its own.
- Volume-weighted EMA line
- Fixed or timeframe-based dynamic length
- Optional volume-weighted deviation bands
- Adjustable source and offset
Details
Published by
zhuzp98 on GitHub
Code credit
rhapsodyz, as written in the script's header
Type
Draws
On the price chart
Category
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 |
|---|---|---|---|
| Fixed Length | int | 24 | fixed_len |
| Use Dynamic Length | bool | true | dynamic_len |
| Source | source | hlc3 | src |
| Offset | int | 0 | offset |
| Band Multiplier | float | 2 | multiplier |
| Show Bands | bool | false | showBands |
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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