OPEN-SOURCE SCRIPT
Open Equals Low/High and Close above VWAP
Updated
Explanation of additional and updated elements in the script:
vwap(): This function computes the Volume Weighted Average Price. It’s used here to create a series of VWAP values.
closeAboveVWAP: A Boolean series that checks if the close price is above the VWAP.
Updated bgcolor() and plotshape() logic: These now include the new condition closeAboveVWAP. The markers and background colors will only show when open is equal to low or high and the close is above the VWAP.
Additional plot command for VWAP: It’s often helpful to visualize the VWAP on the chart, so I've included a plot line for the VWAP in blue color.
With these updates, when added to a TradingView chart, the script will mark and color the background of bars that satisfy both conditions (open equal to low/high and close above VWAP). It will also plot the actual VWAP line on the chart for better visual reference. The shapes will include texts specifying both criteria for clarity.
vwap(): This function computes the Volume Weighted Average Price. It’s used here to create a series of VWAP values.
closeAboveVWAP: A Boolean series that checks if the close price is above the VWAP.
Updated bgcolor() and plotshape() logic: These now include the new condition closeAboveVWAP. The markers and background colors will only show when open is equal to low or high and the close is above the VWAP.
Additional plot command for VWAP: It’s often helpful to visualize the VWAP on the chart, so I've included a plot line for the VWAP in blue color.
With these updates, when added to a TradingView chart, the script will mark and color the background of bars that satisfy both conditions (open equal to low/high and close above VWAP). It will also plot the actual VWAP line on the chart for better visual reference. The shapes will include texts specifying both criteria for clarity.
Release Notes
Explanation of additional and updated elements in the script:vwap(): This function computes the Volume Weighted Average Price. It’s used here to create a series of VWAP values.
closeAboveVWAP: A Boolean series that checks if the close price is above the VWAP.
Updated bgcolor() and plotshape() logic: These now include the new condition closeAboveVWAP. The markers and background colors will only show when open is equal to low or high and the close is above the VWAP.
Additional plot command for VWAP: It’s often helpful to visualize the VWAP on the chart, so I've included a plot line for the VWAP in blue color.
With these updates, when added to a TradingView chart, the script will mark and color the background of bars that satisfy both conditions (open equal to low/high and close above VWAP). It will also plot the actual VWAP line on the chart for better visual reference. The shapes will include texts specifying both criteria for clarity.
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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