My auto dual avwap with Auto swing low/pivot low finder

5 Şub

Welcome to My Auto Dual AVWAP with Auto Swing Low/Pivot Low Finder – an open-source TradingView indicator designed to enhance your technical analysis toolbox. This indicator is published under the Mozilla Public License 2.0 and is available for anyone to study, modify, and distribute.

Key Features
Auto Pivot/Swing Low Finder:
In addition to VWAP lines, the indicator incorporates an automatic detection mechanism for swing lows/pivot lows. This feature assists in identifying potential support areas and price reversals, further enhancing your trading strategy.

Dual VWAP Calculation with high/low range:
The indicator calculates two separate volume-weighted average price (VWAP) lines based on different price inputs (low and high prices) and defined time sessions. This allows traders to gain a more nuanced view of market activity during specific trading periods.

Customizable Time Sessions:
You can specify distinct start and end times for each VWAP calculation session. This flexibility helps you align the indicator with your preferred trading hours or market sessions, making it adaptable to various time zones and trading styles.

Easy to Customize:
With clear code structure and detailed comments, the script is designed to be accessible even for traders who want to customize or extend its functionality. Whether you're a seasoned coder or just starting out, the code is written with transparency in mind.

How It Works
Session Initialization:
The script sets up two distinct time sessions using user-defined start and end times. For each session, it detects the beginning of the trading period to reset cumulative values.

Cumulative Calculations:
During each session, the indicator accumulates the product of price and volume as well as the total volume. The VWAP is then computed as the ratio of these cumulative values.

Dual Data Sources:
Two separate data inputs (using low and high prices) are used to calculate two VWAP lines. This dual approach provides a broader perspective on market trends and can help in identifying dynamic support and resistance levels.

Visualization:
The calculated VWAP lines are plotted directly on your chart with distinct colors and thickness settings for easy visualization. This makes it simple to interpret the data at a glance.

Why Use This Indicator?
Whether you are a day trader, swing trader, or simply looking to refine your market analysis, My Auto Dual AVWAP with Auto Swing Low/Pivot Low Finder offers a robust set of features that can help you identify key price levels and improve your decision-making process. Its open-source nature invites collaboration and customization, ensuring that you can tailor it to fit your unique trading style.

Feel free to explore, modify, and share this indicator. Happy trading!

18 Şub

Sürüm Notları

1. Added error handling: Swap start and end times if necessary
   
2. Changed plot function to editable=true
   

18 Şub

Sürüm Notları

1. Added shorttitle = 'Auto avwap'
   

18 Şub

Sürüm Notları

Big update

1. Added AVWAP Handoff
   

🔹 Definition:
An AVWAP handoff happens when a new AVWAP is anchored from a reactionary high/low after a breakout, effectively handing off the trend control from one AVWAP level to another.

🔹 Significance:
It helps track trend continuation or reversal based on how price interacts with the new AVWAP.
Often used in trend-following strategies to validate new support/resistance levels.

🔹 How to Trade It:
If price retests and bounces off the new AVWAP, it confirms a trend continuation.
If price rejects at the new AVWAP, it signals a potential reversal.

18 Şub

Sürüm Notları

1. Upgraded back to pinescript version 6
   

18 Şub

Sürüm Notları

1. Added timeframe="", timeframe_gaps = true
   
2. Fixed the bug with a new swing low detected but do not lower than last swing low
   

19 Şub

Sürüm Notları

1. Remove confirmation=true to avoid use stuck at the first time added indicator to the chart and hit ESC button
   
2. Minor changes to plot and group title
   
3. Added more comments to explain the code