A chap by the username Grey1 a while ago on the T2W forum came up with a concept of using the VWAP with waht he called MPD (maximum permissible deviation).
The MPD is calculated as (day high - day low)/2.
Then two price bands are derived from this in relation to the VWAP.
Upper band = VWAP + MPD
Lower band = VWAP - MPD.
I have searched, and I don't think there is a Ninja indicator for these. I was wondering whether somebody would be kind enough to code a Ninja indicator to display these price bands (upper and lower bands) please?
Below is a link to one of the many threads about this on T2W for deatils if anyone is interested. Trade2Win Forums
I think even I could do it. Here is the deal (imo), ofcourse. Explain your application so someone might see, know, or understand why this might be valuable Or. Demonstrate the attempts that you have made and ask for specific help. If you do both of those, I'm sure guys with the time will shap off what you are looking for. DB
Wldman, thanks for your response. I thought my explanation was clear enough. Anyway, basically, it is a concept by some chap on T2W sometime ago. The methodology in simple terms, obviously taking other things into consideration, is that when price approaches the upper band, go short, as price is expected to come back towards the VWAP, conversely, if price approaches the lower band, go long, as price is expected to pull back up towards the VWAP.
I have not made any attempt as I haven't the first clue regarding Ninjascripts. I am currently concentrating on learning java for another project I am working on, so don't have the time at present to learn C# and Ninjascripts, hence my request for assistance.