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This indicator just works on INTRADAY charts. It does NOT plot weekly, monthly, yearly… RWAP.
As you know, Intraday VWAP Pro is an important indicator that measures a trading session's average price by taking into account traded volumes. VWAP is a CRITICAL benchmark of price that is used by big players. However, what if your instrument does not have volumes, or its volumes are not reliable? There is a great solution: use bar range in place of volume for weighting. Why it is a GREAT solution? Because when we compare RWAP and VWAP on real-volume instruments, we observe amazing similarities between them: similar shape, similar price. This proves that bar range can be a great substitution for volume when volumes are lacking or unreliable.
The major use of Intraday RWAP Pro is to help identify the intraday trend of the market. When the price is above RWAP, the market is in an uptrend; when the price is below RWAP, the market is in a downtrend. Therefore, this indicator can be used as a very powerful trend filter: we take only long signals when the price is above RWAP, and take only short signals when the price is below RWAP.
Second, RWAP can be used as a support/resistance indicator. For this purpose, we added S1/R1, S2/R2, S3/R3, S4/R4 which are user-defined offsets from RWAP. The offsets can be specified in multiple units:
We also added an option for range power to let you decide the power of range that will be used in weighting: square root of range (power = 0.5), normal range (power = 1), range squared (power = 2), range cubed (power = 3)...
You are allowed to configure up to 2 time regions where the range is less weighted. For example, in Asian sessions, only 30% of bar range is taken into account, and in European sessions, 60% of bar range is used.
Our innovative ribbon (which can be placed at the top or bottom) visually tells you how bullish/bearish the market is. For example, when the market reaches S3/R3, the ribbon is MORE red/blue than when the market is somewhere near S1/R1. Very convenient, right?
The RWAP line can be colorized to reflect whether the market is above or below RWAP. Chart background can also be painted for the same purpose. All of the plots (RWAP and S/R lines) are rounded to the nearest tick size.
Ready to use out of the box
Fully configurable & customizable with ease
If you are not satisfied with an indicator you’ve bought, you may request us to replace it with another indicator of the comparable price for you.
Nov 28, 2020
Massive changes, fixes, and improvements were made (DPI, display name, Z order, property naming/positioning/grouping); a minor time issue was fixed.
Jan 23, 2020
The indicator was released (built new).
Step by step guide on how to install the indicators
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