VWAP_CURRENT_YESTERDAY

The VWAP_CURRENT_YESTERDAY tool provides a streamlined approach to volume-weighted analysis by automatically plotting the VWAP for the current day and the previous day on the chart.

Usage

The indicator is designed for day traders who rely on VWAP as a benchmark for price value and trend direction. By plotting both today's and yesterday's VWAP simultaneously, users can identify institutional support/resistance levels and gauge whether current price action is trending relative to the previous session's average value.

Example applications include:

• Mean Reversion: Trading price back toward the current day VWAP when it overextends.
• Trend Confirmation: Using the relationship between today's VWAP and yesterday's VWAP to determine market sentiment.
• Support/Resistance: Monitoring price reactions when it interacts with the previous day's VWAP level.

Details

The script calculates the Volume Weighted Average Price using the sum of the price multiplied by volume divided by the total volume for the specified period. It utilizes a custom function that resets calculations at the start of each new session. This ensures that the anchor point remains accurate regardless of the chart's timeframe. The logic is optimized to identify the correct starting bar for both the current session and the preceding one, providing continuous lines that serve as dynamic reference points.

Settings

VWAP Source

• First Bar Anchor Source: Determines the price source used for the VWAP calculation (default is hlc3).

VWAP Lines

• Today VWAP: Toggles the visibility, color, and line thickness for the current day's VWAP.
• Yesterdays VWAP: Toggles the visibility, color, and line thickness for the previous day's VWAP.

VWAP Labels

• Show/Hide Labels: Enables or disables text labels at the end of the VWAP lines.
• Label Size: Adjusts the font size of the labels (Tiny to Huge).
• Move Label: Adjusts the horizontal offset (rightward) of the labels for better chart spacing.

FAQ

How do I access VWAP_CURRENT_YESTERDAY?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I change the source price from HLC3 to Close?

Yes, you can modify this in the "VWAP Source" section of the settings menu by changing the "First Bar Anchor Source" input.

Does this indicator work on all timeframes?

While the script is primarily intended for intraday timeframes (1m, 5m, 15m, etc.), it will calculate based on the daily session resets regardless of the interval selected.