Multi Day vWAP (Customizable) with Average

The Multi Day vWAP (Customizable) with Average indicator plots up to 10 distinct daily vWAP values based on custom lookback periods, providing a comprehensive view of volume-weighted support and resistance levels.

Usage

The indicator can be used to identify momentum environments and potential reaction areas. When the price is trading above the vWAP plots, the market is generally in a bullish momentum state, where pullbacks to the vWAP levels can serve as support. Conversely, trading below the plots indicates a bearish environment where vWAP levels act as resistance.

Examples of usage include:

• Magnet Effect: Treat individual vWAP lines as price magnets or reaction areas for trade entries.
• Stacking: Observe when multiple vWAP lines (e.g., 1-10 day) are "stacked" in order. Closely grouped, ascending vWAPs often indicate strong upward momentum.
• Rolling Periods: Customize the values to specific intervals, such as a 7-day rolling cycle (7, 14, 21, etc.), to identify long-term pivot points and trend shifts.

Details

This tool calculates vWAP values by anchoring them to a specific number of days in the past. It uses a cumulative calculation of Price * Volume divided by Total Volume starting from the specified lookback anchor. The average feature calculates the mean of all active vWAP plots divided by a user-defined divisor. This average begins plotting from the shortest lookback period available.

Settings

Main

• Plot Width: Adjusts the thickness of the vWAP plot lines. Setting this to 0 will make the plots as small as possible.

Average

• Average Divisor: The value used to divide the sum of all vWAP plots to create the average line.
• Show vWAP Average: Toggles the visibility of the calculated average line.
• Show vWAP Average Label: Toggles the text label for the average line.

vWAP Values

• vWAP Anchor Lookback (days): Sets the number of days back to anchor the vWAP calculation for each of the 10 available plots.
• Show vWAP Label: Toggles the individual labels for each vWAP plot.

FAQ

How do I use the average line?

Enable "Show vWAP Average" in the Inputs panel. This line represents the mean of your active vWAP plots and can be used as a final filter for momentum.

Can I change the lookback for individual lines?

Yes, each of the 10 plots has a dedicated "Anchor Lookback" setting. Changing this value will automatically update the corresponding label on the chart.

How can I access Multi Day vWAP (Customizable) with Average?

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