OPEN-SOURCE SCRIPT

VWAP + Engulfing Candles

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Here’s a clear breakdown of what your merged Pine Script does:

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### 📌 **Indicator Name: VWAP + Engulfing Candles**

* This custom TradingView indicator **plots VWAP (Volume Weighted Average Price)** along with **up to 3 dynamic bands** around it.
* It also **detects Bullish and Bearish Engulfing Candlestick Patterns**, displaying visual markers and triggering alerts.

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## 🔹 **1. VWAP Section**

### ➤ **Main Features:**

* Calculates VWAP anchored to a **customizable time period**:

* Options: Session, Week, Month, Quarter, Year, Decade, Century, Earnings, Dividends, Splits.
* Optional **hiding of VWAP on Daily/Weekly/Monthly charts** to reduce clutter.

### ➤ **Bands Around VWAP:**

* Up to **3 bands** can be plotted above and below the VWAP.
* Bands can be based on either:

* **Standard Deviation** of the price from VWAP (volatility-based), or
* **Percentage** deviation from VWAP (fixed range).
* You can control:

* Whether each band is shown
* Band width via multiplier (e.g., 1x, 2x, 3x)

### ➤ **Plot Colors:**

* VWAP: Blue
* Bands: Green (1x), Olive (2x), Teal (3x)
* Band fill areas are semi-transparent.

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## 🔹 **2. Engulfing Candlestick Pattern Detector**

### ➤ **Bullish Engulfing Criteria:**

* Current candle opens **below** or **equal to** the close of the previous candle.
* Current candle opens **below** the previous candle's open.
* Current candle closes **above** the previous candle’s open.

### ➤ **Bearish Engulfing Criteria:**

* Current candle opens **above** or **equal to** the close of the previous candle.
* Current candle opens **above** the previous candle’s open.
* Current candle closes **below** the previous candle’s open.

### ➤ **Visual Signals:**

* 🔼 Green triangle **below bar** for **Bullish Engulfing**
* 🔽 Red triangle **above bar** for **Bearish Engulfing**

### ➤ **Alerts:**

* The script includes two alert conditions:

* One for Bullish Engulfing
* One for Bearish Engulfing

These alerts can be used to automate notifications for potential reversal points.

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## 🛠️ **Use Cases**

* **Trend following or reversal spotting**: VWAP helps identify the average trading price; engulfing patterns often signal reversals.
* **Intraday and swing trading**: Works best on timeframes like 5m, 15m, 1h for intraday, or 4h, 1D for swing.
* **Mean reversion strategies**: Bands help spot overbought/oversold areas relative to VWAP.

Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.