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Product Description
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:
- Standard deviation: 3 different formulas to compute StdDev
- Day-based unit: Prevday's range or Today's range
- Bar-based unit: Today's average bar range
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.
Key Features
- Plot RWAP
- Allow configuring range power
- Allow smoothing RWAP with SMA
- Plot S1/R1, S2/R2, S3/R3, S4/R4 which are user-defined distances from RWAP
- Allow specifying S/R offset unit based on StdDev: 3 different formulas
- Allow specifying S/R offset unit based on day data: Prevday's range or Today's range
- Allow specifying S/R offset unit based on bar data: Today's average bar range
- Allow configuring S/R offset multipliers
- Paint regions between RWAP and S/R lines
- Colorize RWAP to show uptrend vs downtrend
- Paint background to show uptrend vs downtrend
- Display how bullish/bearish the market is with an innovative ribbon
- Be NinjaScript ready for advanced usage, only restricted by your imagination
- Expose dedicated NinjaScript signals
Dedicated NinjaScript Signals
- Signal_State:
- 5 = above R4
- 4 = from R3 to R4
- 3 = from R2 to R3
- 2 = from R1 to R2
- 1 = from RWAP to R1
- -1 = from RWAP to S1
- -2 = from S1 to S2
- -3 = from S2 to S3
- -4 = from S3 to S4
- -5 = below S4
Product Media
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From Happy Customers
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I have been using the ninZa.co indicators for several months now and am very happy with what a valuable addition they have been to my charts. I recently decided to add one of the recently released indicators from ninZa.co. But after using for a few days, it wasn’t quite what I had been looking for. I contacted ninZa.co and had the pleasure of working with Hannah for an exchange to a different one of the many available indicators. At the time, the indicator I wanted to purchase to replace the one I had recently bought was on sale. Hannah put through an exchange and without my having to ask, gave me the advantage of the sale price. She also included a pdf that provided education about the indicator I chose to switch to. Any time I have had contact with one of the associates from ninZa.co, I have received excellent customer service, and will not hesitate to purchase from them again.
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I'm a new customer with ninZa.co and i was needing help today in making a purchase. I made a request on your chat platform and Hannah came to my rescue. She helped me find the what I needed and even offered me a discount. Everything went very smoothly from that point. I made the purchase and she even provided me some documentation on the indicator. I am very pleased with her assistance. Thanks again Hannah for your excellent customer service !!
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Software Changelog
28 Nov 2020
Massive changes, fixes, and improvements were made (DPI, display name, Z order, property naming/positioning/grouping); a minor time issue was fixed.
23 Jan 2020
The indicator was released (built new).
