OPEN-SOURCE SCRIPT
VWMACD Oscillator @shrilss
The VWMACD Oscillator is a unique and innovative trading indicator designed to provide insights into market momentum using the Volume Weighted Moving Average Convergence Divergence (VWMACD) concept. This script amalgamates various elements to offer a comprehensive view of market trends and potential reversal points.
Key Features:
- Fast Period: Adjust the fast moving average period to fine-tune the sensitivity of the indicator to short-term price movements.
- Slow Period: Set the slow moving average period to control the responsiveness of the indicator to longer-term trends.
- Signal Period: Determine the signal line period to smooth out fluctuations and identify potential trade signals.
- Longer Period: Define the longer period to capture extended trends and market cycles.
How it Works:
The VWMACD Oscillator is derived from the convergence and divergence of two volume-weighted moving averages. It combines the volume factor with the source input to create a robust momentum oscillator. The fast and slow moving averages are calculated by weighting the source with the corresponding volume, providing a unique perspective on market strength.
Key Features:
- Fast Period: Adjust the fast moving average period to fine-tune the sensitivity of the indicator to short-term price movements.
- Slow Period: Set the slow moving average period to control the responsiveness of the indicator to longer-term trends.
- Signal Period: Determine the signal line period to smooth out fluctuations and identify potential trade signals.
- Longer Period: Define the longer period to capture extended trends and market cycles.
How it Works:
The VWMACD Oscillator is derived from the convergence and divergence of two volume-weighted moving averages. It combines the volume factor with the source input to create a robust momentum oscillator. The fast and slow moving averages are calculated by weighting the source with the corresponding volume, providing a unique perspective on market strength.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.