OPEN-SOURCE SCRIPT
VWAP Stdev Bands
Current price always obeys VWAP and is very useful for intraday traders. The Price will never go beyond the second deviation of VWAP at any point of time. The deviation bands are also very useful in predicting the volatility of the script.
Breakout trades can be taken based on the previous day's VWAP and it's deviations.
One can say that the stock has experienced breakout if current price crosses the fourth deviation of the previous day's VWAP or price bounces off that level, the price movement will be rapid if this occurs providing a good trading opportunity with low risk-reward ratio.
Breakout trades can be taken based on the previous day's VWAP and it's deviations.
One can say that the stock has experienced breakout if current price crosses the fourth deviation of the previous day's VWAP or price bounces off that level, the price movement will be rapid if this occurs providing a good trading opportunity with low risk-reward ratio.
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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