TheYangGuizi

Percent Difference Between VWAP and Price MTF

Shows the difference between vwap and price in percent.
You can can choose between multiple timeframe vwap . Default is normal daily.
The levels on the indicator can be changed to whatever you want to.

In the chart above we can see eurusd reverting up at 3% below monthly vwap , after the brexit dip, It then turns down again at 1% from monthly and lastly it turns up again at 2% from monthly.

Script is a small modification of this:
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.

Want to use this script on a chart?
study(title="Percent difference between price and vwap")


TimeFrame = input('D')
start = security(tickerid, TimeFrame, time)

newSession = iff(change(start), 1, 0)

vwapsum = iff(newSession, hl2*volume, vwapsum[1]+hl2*volume)
volumesum = iff(newSession, volume, volumesum[1]+volume)
v2sum = iff(newSession, volume*hl2*hl2, v2sum[1]+volume*hl2*hl2)
myvwap = vwapsum/volumesum


src=input(close)
xSMA = myvwap
nRes = abs(src - xSMA) * 100 / src
plot(nRes, color=navy, style=histogram, histbase=0, title="PD MA")

level1=input(1.28)
level2=input(2.1)
level3=input(2.5)
level4=input(3.09)
level5=input(4.1)

hline(0, title="Base Line", color=black, linestyle=solid)
a=hline(level1, title="1", color=lime, linestyle=dotted)
b=hline(level2, title="2", color=orange, linestyle=dotted)
c=hline(level3, title="3", color=orange, linestyle=dotted)
d=hline(level4, title="4", color=red, linestyle=dotted)
e=hline(level5, title="5", color=maroon, linestyle=dotted)