The Bollinger Bands % is useful to spot reversals and/or the beginning of a new trend. The VWAP %, built on the same principle, tends to be more reactive. It can be used as a tool to take partial profit, exit, or prepare to enter a position on a reversal. It can also be used on MTF. For example, you plot it on H4 chart and M15 chart. When the VWAP% is above its Signal line on the H4, then each time on the M15 you have the VWAP% crossing over its Signal you enter Long and exit at the crossing under.
VWAP code based on Nicolas’ work.
// Based on https://www.prorealcode.com/topic/is-there-any-working-intraday-vwap/ post #116309
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
if day<>day then
if volume >0 then
VWAP = SUMMATION[d](volume*typicalprice)/SUMMATION[d](volume)
sd = std[d](abs(typicalprice-vwap))
SDup2 = vwap+sd*2
SDlw2 = vwap-sd*2
vwapr = 100 * (close - SDlw2)/(SDup2 - SDlw2)
Signal = Average(vwapr)
RETURN vwapr coloured(0,102,204) style(line,3) as "VWAP %", Signal coloured("red") style(dottedline3,1) as "Signal"
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