CaperAsh

VWAP Bands

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Draws two bands above/below VWAP ,; input defines nr of points for bandwidth. Outer bands are simply double the value of inner bands. Helpful for intraday counter-trend trades anticipating pullbacks to VWAP . Gives instant snapshot of market showing if a trending or non-trend day. VWAP is the same across all timeframes but points will need to be adjusted. Another indicator is based on ATR so works better in multiple timeframes.
Favori Komutlardan Çıkart Favori Komutlara Ekle
study("VWAP Bands")
points = input(0.150), env = points, upperband = vwap+env, lowerband = vwap-env
overlay = true
plot(upperband,linewidth=1,style=cross,color=blue)
plot(lowerband,linewidth=1,style=cross,color=yellow)
plot(vwap+(env*2),style=cross,linewidth=1,color=blue)
plot(vwap-(env*2),style=cross,linewidth=1,color=yellow)
plot(vwap,style=cross,linewidth=1,color=fuchsia)
Nov 14 2019: There are several much better scripts available using Standard Deviation which I am unable to code.
If you do like my approach, then recommend the Points one mentioned below as well. This is good for people who trade the same instrument mainly so that you can set the distance between the bands by precise amounts which you know, so they are more helpful for calculating risk-reward values. Also, they quickly reveal if the market is more wide or more narrow ranging, whereas dynamically adjusting indicators all tend to look the same no matter what market conditions there are.

That said, I myself only use the Volume Profile indicators (which you have to pay for). They include Value Area bands (like Bollinger Bands), and a dynamic Point of Control which, in combination with the Vwap (and/or a Weekly and Monthly Vwap also available on this site) is really all you need (no oscillators, moving averages) etc.

Of course, you don't really need anything except the price action. But the Volume Profile information overlaid on the price action I find extremely helpful in seeing clearly if you are in trending or rangebound situation and in either case where the most likely support and resistance levels are going to be next if it goes up or down, which is very helpful for setting targets and/or levels to add into a position.
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There is a later issue or two in another post somewhere called VWAP %EnvATR....
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CaperAsh CaperAsh
And another one called VwapPoints...
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when I add the script on my chart, it comes up with nothing but n/a, n/a, n/a and so on

I can't seem to get the lines and VWAP to show up

can anyone help me?
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I didn't realise when I wrote these that other people see them. It's fine. But am not familiar with the script and had to dick around a little. I like this version the best now: just points. The reason is that once you have set the bandwidth for a particular chart (5 min SPY for example), you then know the exact amount between the bands which makes it easier to estimate the point value of entries and profit targets. For example, I have it set at .20 for this chart which is the equivalent of 2 emini points. Based on daily volatility which is easily seen (is market between the inner bands, the outer bands or beyond etc.), can adjust profit targets for small day-trade entries.

The main intention behind this indicator is twofold:
1. To give snapshot reading of market type: up day, down day, traderange day, wide day, narrow day.
2. To provide entry and exit levels for simple day-trades anticipating a return to the VWAP or oscillating above/below it, so the bands provide clear levels with point values to make it easier to visually see risk-reward with any contemplated entries/stops/profit targets.
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You should add a market profile histogram to this, and POC. :D
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