Mean reversion strategy which lets you set a VWAP length, ATR length - then creates signal when distance closing price from VWAP is greater than ATR x a multiplier which you set
I would suggest using this on intraday chart only. Timeframes between 5m to 15m would work. But feel free to test it out on your own and choose what's best for you.
# VWAP ATR mean reeeeeeeeee # Assembled by BenTen at useThinkScript.com # Converted from https://www.tradingview.com/script/eZ3GJvsP-VWAP-ATR-mean-reeeeeeeeee/ ## calculate period-based VWAP input cumulativePeriod = 24; def typicalPrice = (high + low + close) / 3; def typicalPriceVolume = typicalPrice * volume; def cumulativeTypicalPriceVolume = sum(typicalPriceVolume, cumulativePeriod); def cumulativeVolume = sum(volume, cumulativePeriod); def vwapValue = cumulativeTypicalPriceVolume / cumulativeVolume; ## set criteria for ATR distance from VWAP input trulength = 12; # ATR Length def vwop = vwapValue; def tru = atr(trulength); input ATRMulti = 4; # ATR Multiple def long = (vwop-close) > tru* ATRMulti; def short = (close-vwop) > tru* ATRMulti; plot buy = long; buy.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP); buy.AssignValueColor(color.green); plot sell = short; sell.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN); sell.AssignValueColor(color.red);