Price Above or Below VWAP Watchlist Column for ThinkorSwim

BenTen

BenTen

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I wanted to quickly know if the stock price is currently above or below VWAP (Volume Weighted Average Price). One of our developers were able to help me put together a watchlist column that shows just that. Here is what it looks like.



Notes:

  • - Green means price is currently above VWAP
  • - Red means price is currently below VWAP

thinkScript Code
Rich (BB code):
plot vwap = vwap();
AssignBackgroundColor(if close > vwap then Color.DARK_GREEN else if close < vwap then Color.DARK_RED else Color.Dark_ORANGE);
Credit:

  • - WalkingBallista
 
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Likos

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@BenTen In your opinion, how does it help determine action decision?

 
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BenTen

BenTen

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@Likos To me, above VWAP is bullish and below VWAP is bearish.

 
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Likos

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@BenTen Hopefully not to sound confusing, how does that make a definite sure thing buy/sell/hold? So let's say for example it suddenly turns green, is this bullish mode? What does the orange indicate?

 
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BenTen

BenTen

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@Likos There is no orange on that specific column that was something else. Here is a good article on different ways to trade using VWAP.

 
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San

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@BenTen

@BenTen, Can you clarify this is Script for indicator? After i created the indicator using above script i get full chart Orange color?

 
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BenTen

BenTen

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@San This is not an indicator. Click Customize on your Watchlist > Custom Quotes > select one of the of the custom column and just paste the code in there.



 
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Likos

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This is pretty cool &#129321;

 
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thinky

Member
1) What time frame are you using?

2) Can the code be edited to just show Last for indexes like SPX and NDX, instead of NaN?

Thinking about removing Last column to make some space.
 
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markos

markos

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To learn even more about VWAP, see Brian Shannon, CMT, who wrote a book on it.
https://t.co/Irh2y5lhZa and www.AlphaTrends.net
Also, check out his daily YouTube postings.
@thinky Any timeframe will work, some are just more reliable than others. Check out Brians info above.
 
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thinky

Member
Saw your post "http://tos.mx/MREYid this is an Intraday VWAP that also works on Android" and was wondering if there was anything to it (Intraday vs just plain VWAP).
 
markos

markos

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@thinky nothing special at all, on my Android. It seems to start from the 2nd day on a one day 5 minute chart or on the 4th day on a 3 day 15 minute chart. I do not know why at this point.
It is a VWAP that happens to work on Android intraday only. That is the way that Mobius built it. BTW, I tried on a 10 day and one hour chart and android showed me 12 days. However, the VWAP did seem to restart every day at the open. It may be buggy, do your Due Diligence. If it doesn't work properly then don't use it.
 
markos

markos

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@thinky nothing special at all, on my Android. It seems to start from the 2nd day on a one day 5 minute chart or on the 4th day on a 3 day 15 minute chart. I do not know why at this point.
It is a VWAP that happens to work on Android intraday only. That is the way that Mobius built it. BTW, I tried on a 10 day and one hour chart and android showed me 12 days. However, the VWAP did seem to restart every day at the open. It may be buggy, do your Due Diligence. If it doesn't work properly then don't use it.
I found out where the bug was on android. When using the intraday VWAP on android, you must have "use extended hours" turned ON.
 

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