Central Pivot Ranges (CPR) & 3 x VWAP & Barcolors

The Central Pivot Ranges (CPR) & 3 x VWAP & Barcolors indicator provides a comprehensive suite of institutional-grade levels by combining multi-timeframe Central Pivot Ranges with triple Volume Weighted Average Prices. This tool aims to identify high-probability confluence zones where psychological pivot levels align with volume-based averages across intraday, daily, weekly, and monthly resolutions.

Usage

This script is designed for traders seeking structural confluences in the market. By overlaying multiple CPRs and VWAPs, users can identify "golden zones" where multiple support or resistance levels cluster together.

• CPR Analysis: Use the Central Pivot Range to determine market sentiment. A price trading above the CPR suggests a bullish bias, while trading below suggests a bearish one. The width of the CPR can also indicate potential volatility; a narrow CPR often precedes a breakout, while a wide CPR suggests a range-bound day.
• VWAP Confluence: The three preset VWAPs (Daily, Weekly, Monthly) act as dynamic benchmarks. Traders often look for price reactions when a VWAP line intersects with a CPR level.
• Barcolor Logic: The indicator includes an "OC-Check" mode for bar coloring. This advanced logic compares the VWAP from the Open vs. the VWAP from the Close alongside the standard HLC3 VWAP to categorize the trend into four states: Strong Downtrend (Red), Weak Downtrend (Orange), Weak Uptrend (Blue), and Strong Uptrend (Green).

Details

The script implements several technical concepts:

• Central Pivot Range (CPR): Calculated using the Pivot Point (HLC3), Bottom Central (BC), and Top Central (TC) formulas. BC is the average of High and Low, while TC is calculated as (Pivot - BC) + Pivot.
• Developing Levels: Users can toggle between "Developing" levels (which update in real-time as the period progresses) or "Previous" levels (which remain static based on the completed period).
• Support & Resistance: Previous VWAP close levels are plotted to serve as historical support and resistance anchors.
• DeMark Range Expansion: Includes a version of DeMark's range expansion to project potential intraday boundaries based on opening prices and Fibonacci ratios.

Settings

Multi CPR

• CPR Enable (Intraday/D/W/M): Toggles the visibility of specific timeframe pivot ranges.
• Resolution: Customizes the timeframe for each CPR level (e.g., 240, D, W, M).
• Developing: If enabled, shows the level evolving with current price action instead of the static previous period.
• Hide Options: Allows for cleaning the chart by hiding the central pivot, or the top/bottom boundaries individually.

VWAPs

• VWAP Global Switches: Enables or disables the primary VWAP lines and the previous close VWAP levels.
• OC-Check Mode: Switches between simple price-vs-VWAP coloring and the advanced four-state trend coloring logic.
• Stdev Bands: Optional standard deviation multipliers to create volatility channels around the VWAP lines.

Barcolors

• Daily/Weekly/Monthly VWAP Barcolor: Changes candle colors based on selected VWAP trend logic.
• Barcolors by Pivots: Colors candles based on their position relative to the CPR pivots.

FAQ

How do I access Central Pivot Ranges (CPR) & 3 x VWAP & Barcolors?

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

Can I see future levels?

By enabling the "Developing" options in the settings, the indicator will project the current period's levels based on data accumulated so far, allowing you to see where the CPR and VWAP are trending before the period closes.

Why are the candles different colors?

The colors represent trend strength based on the "OC-Check" logic. Green and Red signify strong trends, while Blue and Orange signify weaker or transitioning trends based on the relationship between price and various VWAP calculations.