Welcome everyone! Today we are excited to announce a bunch of new (some beta) indicators for the platform! They include Fractal AVWAPs (beta), Stabilized VWAP oscillator (beta), Williams Fractional Envelope (beta), Volume Weighted Average Range by Donovan Wall, Average Rated Trend Indicator, and Double Smooth Stochastic. Let’s dive in!
Installed VWAP oscillator (experimental)
The proven VWAP oscillator shows the degree of support and the strength of resistance using a set of VWAPs installed in Willams Fractals.
Green Bars: Percentage of AVWAPs built from fractal heights below price action (“increasing support force”).
Red Bars: Percentage of AVWAPs built from fractal bottoms above price action (“increasing resistance”).
How this indicator is built:
- We build a Williams fractal of a certain length
- We build AVWAP from every fractal point
For each candle we do the following:
- Take 10 of the latest AVWAPs from the highest levels and 10 of the latest AVWAPs from the lowest levels
- Calculate the percentage of AVWAPs built from fractal highs that are below price action (plotted as green graph)
- Calculate the percentage of AVWAPs built from fractal bottoms above the price action (plotted as red graph)
Williams Fractal aVWAPs (beta)
Fractal AVWAPs is a new experimental pattern of AVWAP indicator developed by our engineering team. This indicator takes the last five highs and the last five fractal lows from Williams and builds an AVWAP from each. The fractional length can be customized, but the default length is set to five (5). One can also customize the colors of the AVWAPs drawn.
For those who are not familiar with the Williams fractal, a buy or sell signal will be drawn over a five-candle period if the middle candle (the third candle) has either the highest high or the lowest low relative to the surrounding four candles (2 on each side). The position is opened when the price breaks below or above the level of the previous fractal. Notice in the image below that aVWAPs are pulled from the five most recent Williams Fractal buy and sell signals.
Since these candles represent important highs and lows for traders using Williams Fractal, we thought it would be a fun experiment to add the extra aVWAP layer. Since a standard trade pulled from the Williams Fractal requires price to break a previous high or low, our theory here is that the aVWAP layer can provide an additional early signal to the trader before the Williams Fractal trigger.
Williams Fractional Envelope (Beta)
The Williams fractal envelope takes the standard Williams fractal shape and builds on it. From the Williams Fractal buy or sell signal, a horizontal line is drawn. This horizontal line will continue to the right until a new fractal point appears in the same direction. From there a new horizontal line is formed.
This presentation makes visualizing the split or collapse at the level of the former Williams fractal much easier to see. The only editable settings in this indicator are the Williams fractal length and color, stroke, and fill opacity.
Additionally, alerts can be set on the horizontal line to notify the trader when the price breaks in either direction.
Average Volume Weighted Range by Donovan Wall
The Volume Weighted Average Index is a multidimensional indicator that contains several different components. First, note that it builds a traditional VWAP program. The color of the VWAP will change depending on whether the price is currently trading above or below it. If the price is higher, it is green. If the price is lower, it is red. The candles are also colored in a distinctive way:
Red candle = less than VWAP
green candle = above VWAP
Orange candle = VWAP crossing
Next, it calculates the VWAR (Volume Weighted Average Range) as it weights the “Range” (High – Low) by volume. In addition, it builds multiple lines above and below VWAP. Each of these lines is equal to (VWAP ± VWAR * Multiple.) The multiples are preset as Fibonacci levels, and can be modified at the discretion of traders.
Average rating of the trend indicator
The average trend indicator rating is a homogeneous version of the mean trend indicator. The available input parameter specifies the strip offset between the ADX indexes. ADXR is calculated by adding each of the ADX indicators and dividing the sum by two.
This indicator provides inputs intended for:
- ADX
- ADXR
- Level 1
- Level 2
- MA . type
Smooth double stochastic
The DSS Bressert indicator was developed by Walter Bressert. It is smoother than a regular stochastic but can generally be interpreted in the same way with 30 considered oversold and 70 considered overbought.
Calculations start with the normal raw stochastic. This stochastic is settled by an exponential moving average before taking another raw stochastic for the result. Then the second exponential moving average of the same period is applied to this second stochastic.
This indicator provides inputs intended for:
- Length
- smooth
- Signal
- Overbought / Oversold
- MA . type
We hope you find these new indicator additions useful, and as always with demo indicators, they are just that; experimental. These indications are quite new, and therefore, we do not know the full extent to which they may prove useful.