INVITE-ONLY SCRIPT
VWATR Multi-Timeframe Ribbon
Updated
This script combines and averages Volume-Weighted Moving Averages in a specific way to make a unique ATR band that expands and retracts based on the volume in the current market.
This indicator allows for viewing up to 4 VWATR Bands on all the major trading timeframes.
This creates support and resistance levels that are fluid enough for traders to use these 4 methods:
- Identify a range to trade between in sideways markets.
- Identify when we are beginning a move(breaking out of the bands and using them as support to trade from).
- During a trend, traders can use higher timeframe VWATR Bands to identify take profits or potential rejection points.
- Identify when a trend may be over(losing the band as support after a breakout).
NOTE: This script will work fine on identifying crypto assets and stocks, but markets with different volume parameters will negatively affect the accuracy of this script.
This indicator allows for viewing up to 4 VWATR Bands on all the major trading timeframes.
This creates support and resistance levels that are fluid enough for traders to use these 4 methods:
- Identify a range to trade between in sideways markets.
- Identify when we are beginning a move(breaking out of the bands and using them as support to trade from).
- During a trend, traders can use higher timeframe VWATR Bands to identify take profits or potential rejection points.
- Identify when a trend may be over(losing the band as support after a breakout).
NOTE: This script will work fine on identifying crypto assets and stocks, but markets with different volume parameters will negatively affect the accuracy of this script.
Release Notes
Made some additions:- Optional labels that show you which timeframe each VWATR Band is from.
- Option to change the colors of the VWATR.
These tweaks help traders read the chart a bit easier.
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Hamilton_Gilpin for more information, or follow the author's instructions below.
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