I made some late reading yesterday and discovered the importance of the VWAP indicator, above all the idea that when the current price exits it it will always bounce back. Therefore I decided to build an indicator which detects when the current price escapes the VWAP margin. The indicator shows this three things:
1) When the current price exits the VWAP margin. 2) The strength of a VWAP trend 3) VWAP bounce point (Blue dots which can be used as support or resistance)
By using the VWAP Anomaly V1 indicator, you can know if you find yourself in a reversal zone, and get a great entry point. Please, do have in mind no indicator is perfect, by using other indicator with the VWAP Anomaly Indicator your chances of success increase by a significant level. NOTE: Follow my predictions under your own risk
Release Notes
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MTF now included!
Release Notes
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*Minor bug fixed.
Release Notes
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IMPORTANT UPDATE: ---------------------------------------------------------------------------------------------------- MTF makes the indicator useless. Indicator only works for scalping (which was the original reason I created it). You can only use it on 3 minutes or 5 minutes. Thank you
Looks Great! But can you please clarify what the 4 lines represent? It's also hard to see their color, since they all seem blue... Thanks for sharing.
EmilianoMesa
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@E3V3A, Read my last comment, I forgot to click reply... lol
nadyius
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I really like it. Thanks
Schrekt
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Very interesting script, any chance of a share ;)
goodwinlucknow
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Hey thanks for this. What indicators would you suggest using with this to improve success? Thanks
EmilianoMesa
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Green, buy strength, Red, sell strength, yellow anomaly, blue support/resistance point
joeadante3b
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Have you tried this in real time yet? Have a strong feeling it repaints and won't be useful in real time.
EmilianoMesa
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@joeadante3b, Yes, on crypto as forex is closed for the moment. It works perfectly. However, the real thing is when to enter exactly. As you can see in the example above it indicates an anomaly twice before the big downfall. So ill see what I can do about that on future updates.
joeadante3b
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@EmilianoMesa, yes i know forex is closed lol. the vwap plots on your indicator ahead of price and most indicators that plot ahead of price are usually very flawed in my past experience.
EmilianoMesa
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@joeadante3b, Go ahead and try it, tell me your results, comments & suggestions! Is always good to have some constructive critics. Thank you