VWAP + previous VWAP S&R for Multiple Timeframes

The VWAP + previous VWAP S&R for Multiple Timeframes indicator provides a comprehensive toolkit for analyzing Volume Weighted Average Price across Daily, Weekly, and Monthly timeframes to identify key support and resistance levels. By combining current VWAP data with previous session closes and standard deviation bands, this tool helps traders visualize market value and potential trend shifts in a multi-timeframe context.

Usage

The tool is primarily used to identify institutional value areas and key horizontal levels where price action often reacts. Traders can use the Daily, Weekly, and Monthly VWAPs to gauge the current trend direction. A unique feature is the "OC-Check Mode," which categorizes the market into four distinct states based on the relationship between price, standard VWAP, and VWAPs calculated from Open and Close prices:

• Strong Downtrend (Red): Price is below VWAP and Open-VWAP is above Close-VWAP.
• Weak Downtrend (Orange): Price is below VWAP but Open-VWAP is below Close-VWAP.
• Weak Uptrend (Blue): Price is above VWAP but Open-VWAP is above Close-VWAP.
• Strong Uptrend (Green): Price is above VWAP and Open-VWAP is below Close-VWAP.

Additionally, the Previous VWAP plots serve as static support and resistance lines, representing the final value area of the prior period.

Details

The script utilizes a single consolidated function to compute VWAP and its associated standard deviation bands for all timeframes. It calculates three variations of VWAP (Source, Open, and Close) to power the OC-Check logic. The implementation ensures that the previous session's VWAP is anchored correctly, providing a fixed reference point throughout the current period. Standard deviation bands can be enabled to visualize volatility expansion and overextended price conditions.

Settings

Global Switches

• VWAPs ON/OFF: Toggles the visibility of all current period VWAP lines.
• VWAPs (Previous Close) ON/OFF: Toggles the visibility of all previous period VWAP lines.

VWAPs Multi Timeframe

• VWAP Source: Determines the price data used for the primary VWAP calculation (default is HLC3).
• Timeframe Toggles (D, W, M): Enables or disables specific timeframes and allows for custom interval selection.
• OC-Check color mode: Enables the 4-state trend coloring for each specific timeframe.
• Plotstyle: Customizes the visual representation (Line, Circles, or Cross) and line width.

VWAP Previous Close Support & Resistance

• Show Prev VWAP (D, W, M): Toggles the previous session's levels for each timeframe.
• Mono-Color: Sets a custom color for previous VWAP levels if OC-Check mode is disabled.
• OC-Check Mode: Applies trend-based coloring to the previous VWAP lines based on the current price relationship.

VWAPs Stdev Bands

• Daily/Weekly/Monthly Bands: Toggles the standard deviation bands for the respective timeframe.
• Multiplier: Adjusts the width of the bands based on standard deviation.

VWAP Barcolors

• VWAP Barcolor Toggles: Enables bar coloring based on the selected timeframe's VWAP logic.
• OC-Check Mode or Simple: Switches between the 4-state color logic and a simple above/below VWAP binary color scheme.

FAQ

How do I interpret the OC-Check colors?

The colors represent trend strength. Red and Green indicate strong momentum where the price and internal VWAP metrics align, while Orange and Blue indicate potential exhaustion or weak momentum.

Can I use this for intraday trading?

Yes, the indicator is highly effective for intraday trading as it provides higher-timeframe context (like Weekly or Monthly levels) directly on lower-timeframe charts.

How do I access this indicator?

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