When the (Thick Yellow) AND the two (Orange and thin Yellow) cross above the MVWAP (Purple) then you will be in a uptrend that could possibly continue upwards. The opposite is true if you are looking a short opportunity, wait for the three other lines to cross under the MVWAP and you should be in a downtrend that could possibly continue downwards
Of course as with all indicators not every signal will be 100% accurate there is no way to predict human emotions when it comes to trading but based on the strategy used in other markets this is the closest I could get.
Note: Don't relay completely on this indicator to think for you. Use other forms of TA to confirm all positions before entering. And if the candles start trending the opposite direction after a lets say a mini pump/dump then the signal was false.
Finally this was made according to the 15 minute chart. I did not plan on remaking it for any other timeframes as I have left the code open for you to tweak and the setting are free to adjust aswell.
Q: Does it repaint?
A: No, this is based on moving averages as far as I know they don't repaint.
Q: How did you come up with this indicator?
A: Went on youtube looking for trading strategies other and the usual crosses and found a & strat. I added the MVWAP and played with the numbers until I found something that I liked.
Q: How long have you been trading/learning pinescript?
A: Been trading less than a two months and pinescript about a month and a half.
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Hi Vikas, thank you for the feedback. What instruments have you backtested with?
Thank you for the reply. I used it on a few stock charts also. It's working on them as well seamlessly. Let's see how it unfolds in real market conditions.
One more query if you could please answer, have you retained the 15M timeframe or experimented with Larger Time Frames also?
It works on both. Obviously you get more signals on 3 min, not all of them will be accurate. I use this only for my entry, indicators tend to be slow for exits. My exits are mostly based on levels or price targets.
Thank you, Vikas! This is a fantastic reply. It's because of Pro people like you that we newbies are encouraged to take forward the journey.
My regards bro!