OPEN-SOURCE SCRIPT
VWAP nekkosai
This script combines several technical analysis tools for identifying trading opportunities. It uses the VWAP (Volume Weighted Average Price) to determine the overall market trend, with a customizable length and source. When Bullish or Bearish Engulfing Candlestick Patterns occur above or below the VWAP, they generate buy or sell signals, marked with arrows on the chart.
The script also incorporates a Risk-Reward Ratio, allowing users to set stop loss and take profit levels based on the risk percentage they’re willing to take on each trade. Additionally, it detects Fair Value Gaps (FVG), which are significant price gaps between candles. When an FVG is detected, a transparent grey rectangle is drawn on the chart, highlighting areas where price may retrace or continue its movement. This combination of signals helps traders make informed, short-term trades on lower timeframes.
The script also incorporates a Risk-Reward Ratio, allowing users to set stop loss and take profit levels based on the risk percentage they’re willing to take on each trade. Additionally, it detects Fair Value Gaps (FVG), which are significant price gaps between candles. When an FVG is detected, a transparent grey rectangle is drawn on the chart, highlighting areas where price may retrace or continue its movement. This combination of signals helps traders make informed, short-term trades on lower timeframes.
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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