VWAP ( ) :
The indicator is generally used for trend analysis. For example if the line is under the closing price for a long period of time, the trend is strong. In this script, the has been optimized for day trading as the indicator is calculated inside the daily range, and resets when a new day starts. This way the indicator reflects the daily trend and not the overall trend. You can also use the position of closing price according to the to find optimal entry points according to the indicator.
Highs / Lows :
The Highs / Lows are generally used for trend analysis too. The High / Lows are mainly used to identify prices that have been key during the past and that we can use as an indication for the following candles. In this script, the Highs / Lows are computed on the and then displayed on the current period (recommended to use on a or lower). This way the indicator reflects the highest point and the lowest point of the day (can be modified to have a longer range of days even if I recommend to stay on 1 day for day trading).
Support / Resistance :
The is generally used for trend analysis too. The are found by searching local high and lows. The longer the supports and resistance are, the strongest it can be considered. In this script, the Highs / Lows are computed by default on a lower time frame (usually 3-4 times lower). For example on a 15 minute graph, the Highs / Lows will be computed on the 5 minute graph (can be modified if the displayed result is not optimized for your asset).
How to use this set of tools :
I personally recommend to use this tool at the start of your day of trading. This way you will get a clear vision of the daily situation and try to identify key prices and the trend for the current day. I then suggest to set up an alert on the key price to be notified when you're getting close to it.
Fixed a bug in the cumulative sum of vwap.
Added conditions for setting up alerts on key moment of the script (crossed above, crossed under).
Added a legend in the script for better understanding the script.
Reorganized the "thanks area" and added more thanks.
Added min values for inputs.
Fixed minor code alignement.
Dans le plus pur esprit de TradingView, l'auteur de ce texte l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur ! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par les règles internes. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.
TOP BLUE THIN LINE : highest value of the day
BOTTOM BLUE THIN LINE : lowest value of the day
LIGHT BLUE AREA : area between highest and lowest value of the day
BLUE DOTS : center of range (highest value + lowest value of the day / 2)
PURPLE DOTS : resistance on the lower time frame
YELLOW DOTS : support on the lower time frame
WHITE LINE : VWAP line