This indicator plots standard Bollinger Bands and three configurable moving averages directly on the price chart. Users can toggle the Bollinger Bands, adjust their length and multiplier, and choose between exponential or simple moving averages for fast, slow,
Indicator · Pine Script v4 · On the chart
VWMA Band
The VWMA Band indicator calculates volume-weighted moving averages based on high, low, median (HL2), and close prices over a specified period.
GitHub stars25on the repository
Pine versionv4older, still runs
Lines of code30
Settings3inputs
LicenceNone statedfile: MPL-2.0
Last update6 years ago29 Jun 2020
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
30 lines of Pine Script v4 from bands/vwma-bands.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © tista
//@version=4
study("VWMA Band", overlay=true)
vwmaPeriod = input(title="VWMA Period", defval=5)
showVwmaBand = input(title="Show VWMA Band", defval=true)
minThreshold = input(title="Minimum Threshold", defval=26.0)
vwmaHigh = vwma(high, vwmaPeriod)
vwmaLow = vwma(low, vwmaPeriod)
vwmaHl2 = vwma(hl2, vwmaPeriod)
vwmaClose = vwma(close, vwmaPeriod)
diff = vwmaHigh - vwmaLow
closeUnderHL2 = crossunder(vwmaClose, vwmaHl2) and open > vwmaClose and diff >= minThreshold ? -1 : na
closeOverHL2 = crossover(vwmaClose, vwmaHl2) and open < vwmaClose and diff >= minThreshold ? 1 : na
alertcondition(closeUnderHL2, title="VWMA Band - Short", message="VWMA Close just crossed under VWMA HL2, time to short.")
alertcondition(closeOverHL2, title="VWMA Band - Long", message="VWMA Close just crossed over VWMA HL2, time to long.")
bandHigh = plot(showVwmaBand ? vwmaHigh : na, title="VWMA High", color=color.white, linewidth=1, transp=80)
bandLow = plot(showVwmaBand ? vwmaLow : na, title="VWMA Low", color=color.white, linewidth=1, transp=80)
plot(showVwmaBand ? vwmaHl2 : na, title="VWMA HL2", color=color.white, linewidth=1, transp=80)
plot(vwmaClose, title="VWMA Close", color=color.blue, linewidth=2, transp=0)
plotarrow(closeUnderHL2, title="Close Under HL2", colordown=color.orange, colorup=color.green, maxheight=15)
plotarrow(closeOverHL2, title="Close Over HL2", colordown=color.orange, colorup=color.green, maxheight=15)
fill(bandLow, bandHigh, title="VWMA Band", color=color.white, transp=95)
Overview
VWMA Band plots an upper band, lower band, median line, and close VWMA directly on the main price chart with a translucent channel fill. Directional signals and alerts trigger when the VWMA close crosses over or under the median VWMA, provided the spread between upper and lower bands meets a minimum threshold filter. Inputs allow customization of the VWMA period, minimum threshold, and band visibility.
- Volume-weighted moving average band channel
- Median line crossover signals with arrows
- Band spread threshold filter
- Alert conditions for long and short crossings
Details
Published by
tistaharahap on GitHub
Code credit
tista, as written in the script's header
Type
Indicator, Pine Script v4
Draws
On the price chart
Category
Moving averages, Volatility & bands, Trend
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 |
|---|---|---|---|
| VWMA Period | int | 5 | vwmaPeriod |
| Show VWMA Band | bool | true | showVwmaBand |
| Minimum Threshold | float | 26.0 | minThreshold |
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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