[Linus] VWAO Deviation

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The VWAP (Volume Weighted Average Price) Deviation Script is a sophisticated tool designed to help traders analyze the interplay between price and volume. By calculating deviations from the VWAP, it identifies critical support and resistance levels, enabling more informed trading decisions.

This script computes the VWAP based on a selected data source (defaulting to the closing price) and determines deviations above and below it using either the Average Deviation or Standard Deviation method. Users can customize their preference through the script's input settings. These deviations are visually plotted as bands on the chart, offering clear insights into areas where price may revert or break out.

A standout feature of the script is its Cross Count Monitor, which tracks how often the price crosses above the Upper Deviation Level 2 and below the Lower Deviation Level 2 within a user-defined lookback period. This data is displayed in a table at the bottom-right corner of the chart and can be toggled on or off via an input setting.

The Cross Count Monitor provides traders with valuable historical insights into the frequency of price interactions with deviation levels, helping to identify potential trading opportunities based on established price behaviors. This functionality makes the script an indispensable tool for traders seeking to enhance their market analysis and strategy development.