OPEN-SOURCE SCRIPT

VWAP Slope

This script calculates and displays the slope of the Volume Weighted Average Price (VWAP). It compares the current VWAP with its value from a user-defined lookback period to determine the slope. The slope is color-coded: green for an upward trend (positive slope) and red for a downward trend (negative slope).

Key Points:

VWAP Calculation: The script calculates the VWAP based on a user-defined timeframe (default: daily), which represents the average price weighted by volume.

Slope Determination: The slope is calculated by comparing the current VWAP to its value from a previous period, providing insight into market trends.

Color-Coding: The slope line is color-coded to visually indicate the market direction: green for uptrend and red for downtrend.

This script helps traders identify the direction of the market based on VWAP, offering a clear view of trends and potential turning points.
Moving AveragessentimentTrend Analysis

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.

Want to use this script on a chart?

Disclaimer