TTP VWAP Band
This indicator offers 20 VWAP bands and on-chart statistic data about the bands.
Features
- Longs and shorts
- Cherry-pick up to 5 bands for backtesting
- Plots 20 bands
- Step scale to increase deviation percentage on each band
- Period and timeframe selectors
- Band crosses: how many times a band was crossed (also percentage)
- Band bounces: how many times each band was pinched and bounced back (also percentage)
How to use:
1) Set the chart to 15 or 5 minute timeframe for higher backtesting accuracy
2) Select the first band deviation % (MIN Long VWAP % and MIN Short VWAP %), use a small number like 0.3 or 1.0 since the rest of the 20 bands will increase that amount later.
3) Select a step scale or leave it in 1 if you prefer same distance between all bands. Notice that if you use a value below 1 the bands will get closer to each other.
4) Observe the statistics and pay attention to how many times each of the bands are being crossed in percentage. This will later help you make decisions on when to enter and where to potentially put an SL.
Connect with your preferred backtester:
You can backtest a single or multiple bands at once. For example you could use the 7th band to enter a base order and later use crosses of the 4th band to enter safety orders. Any combination is possible!
Let's assume you decide that you will be backtesting only 1 band at the time as your single entry condition for your backtester.
Let's also assume that you want to use the 2nd band for long entries then do follow these steps:
- Set "Band 1 backtesting" to 2 so that it prints 1 every time the price crosses below the 2nd band.
- Leave the other Band backtesting band settings with a 0 so they stay disabled
- Add your backtester to the same chart and select "band 1 long signal"
- This signal will contain 1 every time your conditions are met
Features
- Longs and shorts
- Cherry-pick up to 5 bands for backtesting
- Plots 20 bands
- Step scale to increase deviation percentage on each band
- Period and timeframe selectors
- Band crosses: how many times a band was crossed (also percentage)
- Band bounces: how many times each band was pinched and bounced back (also percentage)
How to use:
1) Set the chart to 15 or 5 minute timeframe for higher backtesting accuracy
2) Select the first band deviation % (MIN Long VWAP % and MIN Short VWAP %), use a small number like 0.3 or 1.0 since the rest of the 20 bands will increase that amount later.
3) Select a step scale or leave it in 1 if you prefer same distance between all bands. Notice that if you use a value below 1 the bands will get closer to each other.
4) Observe the statistics and pay attention to how many times each of the bands are being crossed in percentage. This will later help you make decisions on when to enter and where to potentially put an SL.
Connect with your preferred backtester:
You can backtest a single or multiple bands at once. For example you could use the 7th band to enter a base order and later use crosses of the 4th band to enter safety orders. Any combination is possible!
Let's assume you decide that you will be backtesting only 1 band at the time as your single entry condition for your backtester.
Let's also assume that you want to use the 2nd band for long entries then do follow these steps:
- Set "Band 1 backtesting" to 2 so that it prints 1 every time the price crosses below the 2nd band.
- Leave the other Band backtesting band settings with a 0 so they stay disabled
- Add your backtester to the same chart and select "band 1 long signal"
- This signal will contain 1 every time your conditions are met
Notes de version:
This script now becomes the actual VIP version.
Added min and max percent.
Added min and max percent.
Notes de version:
Big update 🦜❤️
- Alternative source: if you like VWAP but you still want to use an alternative indicator now you can plug and play an external one. Try QFL 🤯 and different types of MAs and see how the price moves above and below and still automate dynamic selection of the bands accordingly. A generalisation of the script is finally available.
- Backtest mode selector. Explicitly chose between backtesting cherry picked bands or using percentage.
- Hide inactive bands: look back in time and find how new bands are being added in percent backtest mode. Explore how the price action adds new active bands in real time!
- New table with to visualise stats in a more organised way. The table shows the stats of either longs or short bands depending which ones you have currently selected.
- Alternative source: if you like VWAP but you still want to use an alternative indicator now you can plug and play an external one. Try QFL 🤯 and different types of MAs and see how the price moves above and below and still automate dynamic selection of the bands accordingly. A generalisation of the script is finally available.
- Backtest mode selector. Explicitly chose between backtesting cherry picked bands or using percentage.
- Hide inactive bands: look back in time and find how new bands are being added in percent backtest mode. Explore how the price action adds new active bands in real time!
- New table with to visualise stats in a more organised way. The table shows the stats of either longs or short bands depending which ones you have currently selected.
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www.thetradingparrot.com
www.thetradingparrot.com