This is sandbox experiment. The script creates bands around the VWAP based on the opening range on an intraday chart (adjustable in the format section) using fibonacci multipliers (mostly): .236, .382, .5, .618, .786, 1, 1.27 and 1.618. I have not built much flexibility into the script so this is very much an alpha script. Something new for Pippin and Kipp.
Jayy
study("VWAP with FIB range Jayy", overlay=true) res = input('15', type=resolution, title=" length/time Of Opening Range?") factor = input(1, title= " Factor to multiple range by if wanted"),//range = input (.14),//env = range*factor, bartimeSess = time('D') fr2to17 = time(period) newbarSess = bartimeSess != bartimeSess[1] high_range = valuewhen(newbarSess,high,0) low_range = valuewhen(newbarSess,low,0) adopt(r, s) => security(tickerid, r, s) //Formula For Opening Range highRes = adopt(res, high_range) lowRes = adopt(res, low_range) range = highRes - lowRes //fibs should be .23, .38,.5, .618, .78, 1, 1.27, 1.618, 2.618, 4.23, 6.85 env = range*factor upperband = vwap+(env*.236), lowerband = vwap-(env*.236) upperband2 = vwap +(env*.382), lowerband2 = vwap-(env*.382) upperband3 = vwap +(env*.5), lowerband3 = vwap-(env*.5) upperband4 = vwap +(env*.618), lowerband4 = vwap-(env*.618) upperband5 = vwap +(env*.786), lowerband5 = vwap-(env*.786) upperband6 = vwap +(env*1.), lowerband6 = vwap-(env*1.) upperband7 = vwap +(env*1.27), lowerband7 = vwap-(env*1.27) upperband8 = vwap +(env* 1.618), lowerband8 = vwap-(env*1.618) // plot only during session to elimate the mess //between 4 pm close and 8:30 open on open session charts green1 =time (period, "930-931")?na:green// black red1 =time (period, "930-931")?na:red//black black1 =time (period, "930-931")?na:black//black green2 =time (period, "930-931")?na:lime//black red2 =time (period, "930-931")?na:orange//black plot(upperband8,style=line,linewidth=2,color=green2,transp=90) plot(lowerband8,style=line,linewidth=2,color=red2,transp=90) plot(upperband7,style=line,linewidth=2,color=green2,transp=90) plot(lowerband7,style=line,linewidth=2,color=red2,transp=90) plot(upperband6,style=line,linewidth=2,color=green2,transp=90) plot(lowerband6,style=line,linewidth=2,color=red2,transp=90) plot(upperband5,style=line,linewidth=2,color=green1,transp=90) plot(lowerband5,style=line,linewidth=2,color=red1,transp=90) plot(upperband4,style=line,linewidth=2,color=green2,transp=90) plot(lowerband4,style=line,linewidth=2,color=red2,transp=90) plot(upperband3,style=line,linewidth=2,color=green1,transp=90) plot(lowerband3,style=line,linewidth=2,color=red1,transp=90) plot(upperband2,style=line,linewidth=2,color=green1,transp=90) plot(lowerband2,style=line,linewidth=2,color=red1,transp=90) plot(upperband,style=line,linewidth=2,color=green1,transp=90) plot(lowerband,style=line,linewidth=2,color=red1,transp=90) plot(vwap,style=line,linewidth=2,color=black1,transp=90) // The idea is to first find the Daily 7-bar ATR (or any other nr. of days desired) // and then input that into the range, i.e. of the 7-Day ATR is 2.5, input 2.5). The factor input // determines the width of the bars relative to the ATR and since there are six bands, one sixth // of the Daily ATR would be .1666, so I changed that to .1618 to have a nice Fibonacci number. // In any case, the result is that the range of the bands from the outermost on top to the outermost // on the bottom should roughly correlate with the Daily ATR. Ideally these bands could // be rounded to ticks so that they will print out precise price levels for trading but // I am not able to program that in in this language. // For use of vwap, use google etc. I prefer it to moving averages since it is a precise statistical // calculation using volume, and also it remains the same in all time frames, albeit mainly // used for intraday charts. // I also like to use the bands for entries, stops and profit targets - along with basic // price information from the bars. // I wrote essentially the same indicator called VBandPts wherein the input for the bandwidth // is a simple point value number so that you can get the bands to display in ticks or points, // i.e. 3 points, 2.5 pts etc. So in that case you can take the current indicator to see // roughly what the bandwith is, and then use the VwapPts on the chart to get bands // close in value to the raw calcs from this one, but more helpful for trading. // Either way, it's just a simple visual grid overlaid on top of the basic vwap value.