Yesterdays VWAP Line

The Yesterdays VWAP Line indicator draws a horizontal line representing the Volume Weighted Average Price (VWAP) from the previous trading day, helping traders identify key institutional levels and potential support or resistance.

Usage

The Yesterdays VWAP Line is primarily used as a reference point for intraday price action. Since VWAP is a significant benchmark for institutional traders, the previous day's closing VWAP value often acts as a pivot point for the current session.

• Support & Resistance: Traders often watch how price reacts when approaching the Y-VWAP line. A bounce may indicate trend continuation, while a breakthrough might signal a sentiment shift.
• Mean Reversion: If the price is significantly extended from the Y-VWAP line, traders might look for opportunities for price to revert back toward this historical average.
• Trend Confirmation: Trading above the previous day's VWAP can be viewed as a bullish signal for the current session, while trading below it can be viewed as bearish.

Details

The indicator utilizes the request.security function to fetch the VWAP value from a higher timeframe (defaulting to 1D) and offsets it to display the prior period's value. It uses the Pine Script line and label objects to project the level across the current trading session dynamically. This ensures that the line remains relevant throughout the day as a fixed horizontal level based on historical volume-weighted data.

Settings

• VWAP Line Resolution: Defines the timeframe from which the VWAP is calculated. While typically set to "1D" for yesterday's value, it can be adjusted for different periodicities.
• Show on Intraday Charts Only: When enabled, the indicator will only render on intraday timeframes, ensuring the chart remains clean on daily or weekly views where the line would be less relevant.

FAQ

How do I access Yesterdays VWAP Line?

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

Can I use this for weekly levels?

Yes, by changing the "VWAP Line Resolution" setting to "1W", the indicator will plot the VWAP value from the previous week instead of the previous day.

Does this indicator repaint?

The indicator uses lookahead_on in its security call to correctly fetch the closed VWAP value of the previous day to display it during the current day. It is designed to provide a static reference level for the duration of the current session based on finalized historical data.