VWAP Slope

שלשום

This script calculates and displays the slope of the Volume Weighted Average Price (VWAP). It compares the current VWAP with its value from a user-defined lookback period to determine the slope. The slope is color-coded: green for an upward trend (positive slope) and red for a downward trend (negative slope).

Key Points:

VWAP Calculation: The script calculates the VWAP based on a user-defined timeframe (default: daily), which represents the average price weighted by volume.

Slope Determination: The slope is calculated by comparing the current VWAP to its value from a previous period, providing insight into market trends.

Color-Coding: The slope line is color-coded to visually indicate the market direction: green for uptrend and red for downtrend.

This script helps traders identify the direction of the market based on VWAP, offering a clear view of trends and potential turning points.