This indicator calculates the volume-weighted average price using a specified period and plots it on the price chart along with upper and lower bands set at a percentage deviation above and below the VWAP value.
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 bands serve as reference levels for potential entry signals, with the upper band used for short entries and the lower band for long entries. The main settings control the VWAP calculation period, the percentage deviation for each band, and the label offset for the plotted lines. It draws directly on the price chart as an overlay.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Period
int
5
vwap_period
Percentage Above (Short Entry)
float
2.0
vwap_perc_above
Percentage Below (Long Entry)
float
2.0
vwap_perc_below
Label Offset
int
15
vwap_label_offset
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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