OPEN-SOURCE SCRIPT
Normal Weighted Average Price
Introducing the "Normal Weighted Average Price" (NWAP) by OmegaTools. This innovative script refines the traditional concept of VWAP by eliminating volume from the equation, offering a unique perspective on price movements and market trends.
The NWAP script is meticulously crafted to provide traders with a straightforward yet powerful tool for analyzing price action. By focusing solely on price data, the NWAP offers a clear, volume-independent view of the market's average price, augmented with bands that denote varying levels of price deviation.
Key Features:
NWAP Core: At the heart of this script is the Normal Weighted Average Price line, offering a pure, volume-excluded average price over your chosen timeframe.
Dynamic Bands: Includes upper and lower bands, plus extreme levels, calculated using the standard deviation from the NWAP. These bands help identify potential overbought and oversold conditions.
Customizable Timeframe: Whether you're a day trader or a long-term investor, the NWAP script allows you to set your preferred analysis period, ensuring relevance to your trading strategy.
Bands Width Adjustment: Tailor the width of the deviation bands with a simple multiplier to fit your risk tolerance and trading style.
Visual Zones: The script visually demarcates premium and discount zones between the bands, aiding in quick assessment of market conditions.
Usage Tips:
Ideal for traders seeking a volume-neutral method to gauge market sentiment and potential reversal points.
Use the NWAP and its bands to refine entry and exit points, especially in markets where volume data may be less reliable or skewed.
Combine with other technical indicators for a comprehensive trading strategy.
The NWAP script is meticulously crafted to provide traders with a straightforward yet powerful tool for analyzing price action. By focusing solely on price data, the NWAP offers a clear, volume-independent view of the market's average price, augmented with bands that denote varying levels of price deviation.
Key Features:
NWAP Core: At the heart of this script is the Normal Weighted Average Price line, offering a pure, volume-excluded average price over your chosen timeframe.
Dynamic Bands: Includes upper and lower bands, plus extreme levels, calculated using the standard deviation from the NWAP. These bands help identify potential overbought and oversold conditions.
Customizable Timeframe: Whether you're a day trader or a long-term investor, the NWAP script allows you to set your preferred analysis period, ensuring relevance to your trading strategy.
Bands Width Adjustment: Tailor the width of the deviation bands with a simple multiplier to fit your risk tolerance and trading style.
Visual Zones: The script visually demarcates premium and discount zones between the bands, aiding in quick assessment of market conditions.
Usage Tips:
Ideal for traders seeking a volume-neutral method to gauge market sentiment and potential reversal points.
Use the NWAP and its bands to refine entry and exit points, especially in markets where volume data may be less reliable or skewed.
Combine with other technical indicators for a comprehensive trading strategy.
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