OPEN-SOURCE SCRIPT
Updated Dual Vwap on Intraday
Indicator Name: Dual VWAP on Intraday
Version: Pine Script v5
Description
This indicator plots two separate VWAP (Volume Weighted Average Price) lines on intraday charts, helping traders identify intraday trend bias and potential support/resistance zones.
The script is designed exclusively for intraday timeframes and will stop execution if used on daily or higher intervals.
🔍 How It Works
VWAP Calculation
Uses a custom function that calculates VWAP fresh for each trading session.
VWAP #1: Based on hl2 (average of high and low).
VWAP #2: Based on high price.
Dynamic Color Coding
The VWAP lines change color if the percentage change from the previous bar exceeds ±0.5%, signaling notable short-term volatility.
Otherwise, they retain their default colors:
Blue: VWAP (hl2 source)
Orange: VWAP (High source)
Intraday-Only Restriction
Prevents accidental use on higher timeframes to maintain accuracy.
📈 How to Use
Trend Confirmation: Both VWAPs above price → Bearish bias; both below → Bullish bias.
Support/Resistance: VWAP lines often act as strong intraday support or resistance.
Momentum Shift: Watch for price crossing either VWAP with strong candle bodies for potential reversals or breakouts.
Volatility Alerts: Darkened VWAP line indicates an intraday percentage change greater than 0.5%, signaling increased momentum.
⚠️ Notes
Works only on intraday timeframes (1m, 5m, 15m, etc.).
Best paired with volume and price action analysis.
Version: Pine Script v5
Description
This indicator plots two separate VWAP (Volume Weighted Average Price) lines on intraday charts, helping traders identify intraday trend bias and potential support/resistance zones.
The script is designed exclusively for intraday timeframes and will stop execution if used on daily or higher intervals.
🔍 How It Works
VWAP Calculation
Uses a custom function that calculates VWAP fresh for each trading session.
VWAP #1: Based on hl2 (average of high and low).
VWAP #2: Based on high price.
Dynamic Color Coding
The VWAP lines change color if the percentage change from the previous bar exceeds ±0.5%, signaling notable short-term volatility.
Otherwise, they retain their default colors:
Blue: VWAP (hl2 source)
Orange: VWAP (High source)
Intraday-Only Restriction
Prevents accidental use on higher timeframes to maintain accuracy.
📈 How to Use
Trend Confirmation: Both VWAPs above price → Bearish bias; both below → Bullish bias.
Support/Resistance: VWAP lines often act as strong intraday support or resistance.
Momentum Shift: Watch for price crossing either VWAP with strong candle bodies for potential reversals or breakouts.
Volatility Alerts: Darkened VWAP line indicates an intraday percentage change greater than 0.5%, signaling increased momentum.
⚠️ Notes
Works only on intraday timeframes (1m, 5m, 15m, etc.).
Best paired with volume and price action analysis.
Release Notes
📌 Key Points – Dual VWAP (Today Only)Intraday-Only Restriction
Works exclusively on intraday timeframes (1m, 5m, 15m, etc.).
Throws an error if loaded on daily or higher timeframe.
VWAP Types Plotted
VWAP #1 (Blue): Based on hl2 (average of high & low).
VWAP #2 (Orange): Based on high price.
Today-Only Display
Plots only for the current trading day, hides all previous day VWAP lines.
Resets calculation at first candle of today (or at market open if using market-open version).
Session Reset Logic
VWAP calculation starts fresh each day’s first bar.
Uses cumulative (price × volume) ÷ (volume) method per session.
Dynamic Color Alerts
Default colors: Blue (hl2 VWAP), Orange (High VWAP).
Turns semi-transparent black if VWAP % change from previous bar > ±0.5%, signaling notable intraday volatility.
Trading Use-Cases
Trend Bias: Price above both VWAPs → Bullish bias; below both → Bearish bias.
Support/Resistance: VWAP lines often act as strong intraday levels.
Momentum Shift: Price crossing VWAP with strong volume can hint at reversals or breakouts.
Volatility Alerts: Darkened line = significant momentum change.
Customization Possible
Market open time can be adjusted (default: 09:15 for NSE in Market-Open version).
Percentage change threshold for color change can be modified.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.