VWAP Stdev Bands — Indicator by SandroTurriate

This indicator plots VWAP with 2x Standard Deviation bands. This could potentially be used to trade a mean reversion type strategy. Only works on intraday charts.

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?

study("VWAP Stdev Bands", overlay=true)
devNum = input(2, title="Number of stdev")
newSession = iff(change(dayofweek), 1, 0)
vwapsum = iff(newSession, hl2*volume, vwapsum[1]+hl2*volume)
volumesum = iff(newSession, volume, volumesum[1]+volume)
v2sum = iff(newSession, volume*hl2*hl2, v2sum[1]+volume*hl2*hl2)
myvwap = vwapsum/volumesum
dev = sqrt(max(v2sum/volumesum - myvwap*myvwap, 0))
plot(myvwap, title="VWAP")
plot(myvwap + devNum * dev, title="VWAP Upper")
plot(myvwap - devNum * dev, title="VWAP Lower")