OPEN-SOURCE SCRIPT
VWAP Breakout and Pullback Strategy
This Pine Script implements the following setups:
Breakout Trades:
A long breakout trade occurs when:
The price is above VWAP.
RSI > 50.
Volume is higher than the average volume (indicating a volume spike).
A short breakout trade occurs when:
The price is below VWAP.
RSI < 50.
Volume is higher than the average volume.
Pullback Entries:
A long pullback trade occurs when:
The price crosses above VWAP.
RSI > 50.
Volume is lower than the average volume (indicating a pullback with low momentum).
A short pullback trade occurs when:
The price crosses below VWAP.
RSI < 50.
Volume is lower than the average volume.
Features:
Signals: Buy and sell signals are plotted on the chart with breakout or pullback labels.
Alerts: Alerts are configured for each type of signal, enabling automation or notifications.
You can copy and paste this code into TradingView's Pine Script editor to test and use it for real-time
Breakout Trades:
A long breakout trade occurs when:
The price is above VWAP.
RSI > 50.
Volume is higher than the average volume (indicating a volume spike).
A short breakout trade occurs when:
The price is below VWAP.
RSI < 50.
Volume is higher than the average volume.
Pullback Entries:
A long pullback trade occurs when:
The price crosses above VWAP.
RSI > 50.
Volume is lower than the average volume (indicating a pullback with low momentum).
A short pullback trade occurs when:
The price crosses below VWAP.
RSI < 50.
Volume is lower than the average volume.
Features:
Signals: Buy and sell signals are plotted on the chart with breakout or pullback labels.
Alerts: Alerts are configured for each type of signal, enabling automation or notifications.
You can copy and paste this code into TradingView's Pine Script editor to test and use it for real-time
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
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