This indicator shows 1 and 2 standard deviation price move from the VWAP based on VIX. Implied Volatility (IV) is being used extensively in the Option world to project the Expected Move for the underlying instrument. VIX is used as a proxy for SPY's IV for 30 days.
This indicator is meaningful only for SPY but can be used in any other instrument which has a strong correlation to SPY.
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Added AAPL, AMZN, GOOG & IBM to use the corresponding VIX.
Added Ability to disable the bands if the VIX is not available.
Minot UI changes.
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Using VIX instead of VIX9D as Tradingview's VIX9D data is delayed
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Simple color tone change.
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Requested by @Jansuperv to have VXX instead of VIX. Now you can configure that from the input panel.
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Added alert on price crossing 3 SD as requested by @acogwell11
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Added weekly option for VWAP as requested by @MacPeroni
This publication will be featured in our "Best Scripts of The Month" selection. Thank you for your valuable contribution to the TradingView community, and congrats!
AlgoXOR
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@PineCoders, That's very nice to know that you thought this will be helpful for the TV users. TV is amazing. Thanks for your attention!
SpyMasterTrades
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@MarketXOR, Some of the things users produce on here just blow my mind. This is one of them! I'll be exploring this indicator/script for quite some time to come.
jsfin
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Hmmmm ... not working for me, all the results are showing as n/a. What must I do to make it work?