I don't think I have ever seen this. Usually, VWAP is just VWAP. in TradingView, VWAP has user selectable parameters. One is Anchor Period, with choices being Session, Week, Month, Year, Decade, and Century. The other is Source, with hlc3 being the default, apparently. High/Low/Close? What is the 3 in there for? The complete list of Source settings is open, high, low, close, hl2, hlc3, ohlc4, NDX, MA, Vol:Volume, Vol:Volume MA, VWMA, BB:Basis, BB:Upper, BB:Lower. Maybe hlc3 is High + Low + Close / 3, for an average? Same with ohlc4? Most intraday indicators are based on the candle's closing price, right? What I want to do is make MY VWAP look exactly like everyone else's VWAP so I see what they see. I assume Anchor Period should be set to session for intraday. Source? My natural inclination is to set it to "Close" but the site's default seems to be hlc3. TradingView's documentation is pretty sketchy and there is no mention of this that I can find.
Besides the settings you can control, there is also a difference in data. So how are you going to know, that it will be like everyone else vwap on their screen?
The difference in data will be trivial. I am using real time data, not delayed. Can you answer the question? I know I didn't articulate it clearly... I was still halfway into my morning cappuccino. What I need to know is what the settings, especially the source, should be, for maximum consistency with the majority of traders who pay attention to VWAP.
%% That depends; + closing price is among the most useful.But I record the opening price/IBD never does. NOT likely the 100 year HELPS YOU @ ALL/lol. But I've found 200+ year charts helpful- but not vwap.Most of vwap is used by people that get paid ''aum''
What many charting packages call VWAP is actually a dynamically adjusting MA - 1 bar's data = 1 period MA, 2 bar's data = 2 period MA, etc.. And that is why they can give the choice of HL/2 (High + Low divided by 2) HLC/3 (High + Low + Close divided by 3) True VWAP is calculated using volume and is not based on the bar's OHLC As danielc1 suggested using HLC/3 will get you pretty close to actual VWAP
Okay thanks everyone. HLC3 it is. I used VWAP often in TWS but I have been doing something a little different in TradingView. I was going through a couple of books and reviewing a few strats to try out or to retry now, two years in to trading. In TradingView I have been using a similar indicator, the VWMA, which is timed at a user defined number of bars but is dependant on both volume and price action. I have been using the relationship between 3 and 6 candle VWMA a lot. I don't really use the crossover much for the actual buy or sell signal. Instead I use the point where they begin approaching one another. Risk of a trade going contrary is elevated slightly but profit is increased a good bit by not lagging behind an already badly lagging indicator. I like that and I like Bollinger bands but sometimes it is good to go by what the thundering herd is using.