Calculates normalized reversal metrics across up to ten Forex currency pairs using user-selected moving average methods, including HarmonicMA, EMA, SMA, or WMA. The indicator identifies overbought, oversold, and mean-crossing conditions using a configurable th
Indicator · Pine Script v5 · Own pane
VWAP Percent Distance
VWAP Percent Distance calculates and plots the relative percentage difference between the closing price and the Volume Weighted Average Price (VWAP).
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code18
Settings1inputs
LicenceGPL-3.0
Last update2 years ago3 Jun 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 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
18 lines of Pine Script v5 from src/vwap-percent-d.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
// The following code is licensed under the GNU General Public License v3.0
// Please see the README for more complete documentation of the indicator and how it works
// © EFRAN1812
//@version=5
// Set indicator title and input values
indicator(title="VWAP Percent Distance", shorttitle="VWAP %D")
MALength = input(14) // Set how many candles back will be inputted into the moving average
// Compute the distance between the current price and VWAP values
vwap = ta.vwap
price_vwap_dist = close - vwap
relative_vwap_dist = (price_vwap_dist / vwap) * 100
// Plot the data
hline(0, "Mid Line", color=color.new(#787B86, 50)) // Plots a neutral line at 0 as a reference
plot(relative_vwap_dist, color=color.aqua) // VWAP %D plot
plot(ta.sma(relative_vwap_dist, MALength), color=color.lime) // VWAP %D moving average plot
Overview
Designed as a mean-reversion tool, it helps traders measure how far price has stretched from VWAP in percentage terms across different assets. The indicator plots the percentage distance alongside a Simple Moving Average signal line and a zero reference line in a separate pane. Setting adjustments allow customization of the moving average length.
- VWAP relative percentage distance calculation
- Simple Moving Average signal line
- Zero reference baseline plot
Details
Published by
francolla on GitHub
Code credit
EFRAN1812, as written in the script's header
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Mean reversion, Moving averages
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.
Repository
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| MALength | int | 14 | MALength |
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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