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[PX] VWAP Gap Level

Hello guys,

another day, another method for detecting support and resistance level. This time it's all about the VWAP and daily gaps it might produce.

How does it work?

The indicator detects when a new daily candle begins and the VWAP makes a big move in either direction. Often it produces a gap and this is where the support or resistance level will be plotted. The idea behind it is, that those gaps get filled at some point in time. You can control how big a VWAP movement ("gap") has to be with the "VWAP Movement %"-setting. Also, you can adjust the style of the level.

If you find this indicator useful, please leave a "like" and hit that "follow" button :)

Have fun and happy trading :)))
Open-source Skript

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Möchten Sie dieses Skript auf einem Chart verwenden?
http://www.pascal-simon.de - Custom indicator development