I am only using an anchored VWAP of the current session. The anchor is the session start. For this type of VWAP you do not need colouring for two reasons
- as no value drops out at the beginning it always follows price, so it is up, if price is above and it is down if price is below the current day's VWAP, and any colour would be redundant
- it acts as support and resistance and rarely would change the colour
So may I assume that you want to colour a VWAP with a fixed period? This can be done in a few minutes by setting the Plot Colors. To do this, I would need to know
- whether you use NT 7.0. or NT 6.5. (the code will be different)
- which VWAP you want to colour
- whether you want to set the colours via indicator dialogue
This is an anchored VWAP for NT 6.5., which requires that you set the appropriate chart session under chart porperties. It has the property that
- it moves up when price closes above VWAP
- it moves down when price closes below VWAP
So it would change colours every time price (close) crosses above or below VWAP.
If I take the example of last Friday for ES - see chart below - the colours would change 8 times (green for up, red for down)
(3) red->green-> red
(4) red-> green
(5) green-> red->green->red
(7) red> green
The colour would change quite often.
If you smooth the VWAP with a period of 3 (see red line on chart) this would filter the 1 or 2 closes above or below VWAP that may occur during a reversal, and you would get fewer false signals. What do you think?
Last edited by Fat Tails; May 29th, 2010 at 03:33 PM.
the vwap i posted is probably safer than the ''anchored vwap" because it does not fluctuate very easily which is what i like about it -- so a change in colour of the original vwap to green as it goes up and red as it goes down is still more desirable but
thanks for yr help fat tails....
have done this quickly. I have not put this to the download section for several reasons
- it is now a repainting indicator, as it repaints the value one bar ago, so I still would need to adapt it to the plotstyle -> see thread by Big Mike
- I believe that the colouring for an anchored VWAP is unnecessary, as it is easy to recognize whether price trades abobe or below the line
- that the author who coded the original indicator should approve the modification, otherwise we would have 10 competing versions of each indicator
The indicator download sections of many forums are already polluted with useless stuff, which only makes it more difficult to find the really useful indicators.
I am not oppsed though, if anybody wants to add this to the downloads.