aj7919

Auto Anchored Volume Weighted Average Price - Custom AVWAP


Based on Brian Shannon's AVWAP - This indicator anchors vwap to the highest high, lowest low and highest volume bar of a user defined lookback period.

In the chart example above on AVAX, the lookback period is set to 90 days
- The blue line depicts AVWAP from the highest bar in in the last 90 dats
- The purple Line is AVWAP from the lowest bar in the last 90 days
- The golden line is AVWAP from the highest volume bar in the last 90 Days

These levels act as a price magnet and strong levels of support and resistance . I use them to identify chart locations for where I want to do business and look for trade setups.

Unlike moving averages, AVWAP will maintain it's chart position no matter the chart resolution. One way to take advantage of this is to wait for price to get to one of these levels, go to lower timeframes and find low risk setups based on your trading strategy.

You can customise the look and feel and which anchors you want displayed. You can use multiple instances with varying lookback periods to display shorter and longer term levels simultaneously








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

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.

Want to use this script on a chart?