Using the script that i put here before tradingview.com/script/0sH5Gm0K-F-I/ we can play with the Z function and make this nice indicator which is hybrid of VWAP and RSI it look cool red is bearish green is bullish low points are bellow 20 high points above 80 you can change the length of different vwap or RSI for your purpose the color changes are based on vwap
Excellent indicator. How to create an alert on change from red to green?
DaveBrascoFX
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This indicator is fantastic.If you connect the extremas of the curve,you can trade the full trend!This is interesting if you are trend follower in big TF or H or smaller timerame.You can alsouse it totrailyour stops,for example short each extrema is the exact position of where you can put your stops.Also if you trade the trend,the inicator gives you super confirmation whether the trend is intact or going to be finished soon: Here you can use the vwap rsi for pullbacks or buying ips.it works in both sides well.Currentlyon 4 H and 1 H chart BCO or WTI the trend is down. I amshort and each time the indicator becomes red,I add more positions in direction of the short trend. If the trend is long then green.It works in perfect harmoney with the trendline technique, it gives the perfect combination to confirm,where it is a good or failed Breakout.Further,if you use F-I Default(I use RSI 400or higher,then you have a good trading system with an edge,for timing. Ofcourse I am making some more experiments with thi indicator and inform you what I have found.Thank you very much Rafaelfor this great indicatorand also your passion and creative Ideas.Thank you.God bless.
okwybestt
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@DaveBrsacoFX, can you tell me the best setting using 4 hours