WMA combined with Barcolor VTREND
This script centers around a weighted moving average band, to show price action when its in a bull or bear trend.
Included for trend purposes are two volume weighted moving averages, a 99 and 500 length respectively.
Above the weighted moving average band, barcolor is green and below it is red.
We also have key open levels, the daily, weekly, monthly and yearly. The candle colors are different when it closes above or below the daily open, purple for above and maroon for below. I have also have taken the liberty of putting crosses on chart for when this happens too, as to help identify the direction of price action more easily.
I recommend using the 1hr timeframe for most trades, the open and close crosses can be noisy at low timeframes, 15 - 30 minutes is good enough for low timeframe scalping.
Included for trend purposes are two volume weighted moving averages, a 99 and 500 length respectively.
Above the weighted moving average band, barcolor is green and below it is red.
We also have key open levels, the daily, weekly, monthly and yearly. The candle colors are different when it closes above or below the daily open, purple for above and maroon for below. I have also have taken the liberty of putting crosses on chart for when this happens too, as to help identify the direction of price action more easily.
I recommend using the 1hr timeframe for most trades, the open and close crosses can be noisy at low timeframes, 15 - 30 minutes is good enough for low timeframe scalping.