OPEN-SOURCE SCRIPT

Expanding Volume Range with Anchored VWAP

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Expanding Volume Range with Anchored VWAP Indicator Summary

This Pine Script indicator is designed for intraday trading, particularly for timeframes of 60 minutes or less. It combines several technical analysis concepts to provide traders with a comprehensive view of price action, volume, and potential support/resistance levels.

## Key Features

1. **Anchored VWAP (Volume Weighted Average Price)**
- Calculates and displays an Anchored VWAP line
- Resets at the start of each new day or when a new highest volume bar is detected

2. **Expanding Volume Range (EVR)**
- Identifies and highlights high volume bars
- Creates a box around the price range of the last three high volume bars
- Generates additional support/resistance lines based on this range

3. **Custom Multiplier Calculations**
- Allows users to customize the calculation of support/resistance levels
- Includes options for separate top and bottom multipliers
- Provides an exponential adjustment for fine-tuning

4. **Volume-Based Candle Coloring**
- Colors candles differently based on their volume relative to recent history
- Highlights the first candle of each session in a distinct color

5. **VWAP-Based Line and Fill Colors**
- Changes colors of lines and fills based on price position relative to VWAP

6. **Alert Generation**
- Creates alerts when price breaks above or below the EVR high and low levels

## User Inputs

The indicator offers several customizable inputs grouped into categories:

1. **Volume Colors**
- Customize colors for various elements (lines, fills, candles) based on volume and VWAP relationship

2. **Target Levels**
- Set multipliers for calculating target levels

3. **Multiplier Calculations**
- Enable/disable custom multiplier calculations
- Set base multipliers and exponents for top and bottom levels

## Functionality Breakdown

1. The indicator tracks the highest volume bars for the current and previous day.
2. It creates an Expanding Volume Range (EVR) based on the last three high volume bars.
3. Using the EVR, it calculates and draws support and resistance levels.
4. The levels can be calculated using either simple multipliers or a more complex exponential formula, depending on user preference.
5. Candles are colored based on their volume and whether they're the first candle of a session.
6. An Anchored VWAP is calculated and displayed, resetting at the start of each day or on new highest volume bars.
7. Alerts are generated when price moves beyond the EVR high or low levels.

## Use Cases

This indicator can be particularly useful for:
- Identifying potential support and resistance levels based on high volume price action
- Spotting changes in volume patterns throughout the trading session
- Recognizing price action relative to the Anchored VWAP
- Setting up potential entry and exit points based on the expanding volume range

Traders should use this indicator in conjunction with other forms of analysis and risk management strategies for best results.

發行說明

Updated with a little fix for timeframes above 60 mins.

發行說明

Added credit and updated to a clean chart to comply with Tradingview house rules of a clean chart.