Dual Vwap on Intraday

12 Ogo

Indicator Name: Dual VWAP on Intraday
Version: Pine Script v5

Description
This indicator plots two separate VWAP (Volume Weighted Average Price) lines on intraday charts, helping traders identify intraday trend bias and potential support/resistance zones.

The script is designed exclusively for intraday timeframes and will stop execution if used on daily or higher intervals.

🔍 How It Works
VWAP Calculation

Uses a custom function that calculates VWAP fresh for each trading session.

VWAP #1: Based on hl2 (average of high and low).

VWAP #2: Based on high price.

Dynamic Color Coding

The VWAP lines change color if the percentage change from the previous bar exceeds ±0.5%, signaling notable short-term volatility.

Otherwise, they retain their default colors:

Blue: VWAP (hl2 source)

Orange: VWAP (High source)

Intraday-Only Restriction

Prevents accidental use on higher timeframes to maintain accuracy.

📈 How to Use
Trend Confirmation: Both VWAPs above price → Bearish bias; both below → Bullish bias.

Support/Resistance: VWAP lines often act as strong intraday support or resistance.

Momentum Shift: Watch for price crossing either VWAP with strong candle bodies for potential reversals or breakouts.

Volatility Alerts: Darkened VWAP line indicates an intraday percentage change greater than 0.5%, signaling increased momentum.

⚠️ Notes
Works only on intraday timeframes (1m, 5m, 15m, etc.).

Best paired with volume and price action analysis.

12 Ogo

Nota Keluaran

📌 Key Points – Dual VWAP (Today Only)
Intraday-Only Restriction

Works exclusively on intraday timeframes (1m, 5m, 15m, etc.).

Throws an error if loaded on daily or higher timeframe.

VWAP Types Plotted

VWAP #1 (Blue): Based on hl2 (average of high & low).

VWAP #2 (Orange): Based on high price.

Today-Only Display

Plots only for the current trading day, hides all previous day VWAP lines.

Resets calculation at first candle of today (or at market open if using market-open version).

Session Reset Logic

VWAP calculation starts fresh each day’s first bar.

Uses cumulative (price × volume) ÷ (volume) method per session.

Dynamic Color Alerts

Default colors: Blue (hl2 VWAP), Orange (High VWAP).

Turns semi-transparent black if VWAP % change from previous bar > ±0.5%, signaling notable intraday volatility.

Trading Use-Cases

Trend Bias: Price above both VWAPs → Bullish bias; below both → Bearish bias.

Support/Resistance: VWAP lines often act as strong intraday levels.

Momentum Shift: Price crossing VWAP with strong volume can hint at reversals or breakouts.

Volatility Alerts: Darkened line = significant momentum change.

Customization Possible

Market open time can be adjusted (default: 09:15 for NSE in Market-Open version).

Percentage change threshold for color change can be modified.