I overhauled my old multi timeframe VWAP script to make the VWAP OC-Check work for all timeframes. Now only one function is used to calculate the 3 preset VWAPs.
Previous VWAPS = the price where the last session closed sometimes work as Support and Resistance.
The OC-Check Mode theory examines if the VWAP from the Open is above or below the VWAP from Close and if price is above or below normal VWAP (HLC3).
This way we have 4 states: Red = Strong Downtrend Orange = Weak Downtrend Blue = Weak Uptrend Green = Strong Uptrend
As always it is just a theory - nothing is set in stone regarding any indicator.
發布通知
⋅
Updated the description, changed the preset and removed a drawing from the chart.