OPEN-SOURCE SCRIPT

VWMA Candles

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VWMA Candles – Smarter Candle Coloring with Volume Awareness

This indicator enhances your chart candles by showing their relationship to the Volume-Weighted Moving Average (VWMA). It visually integrates the VWMA and price action, making it easier to spot momentum shifts, value zones, and price interaction with volume-weighted levels. I saw this indicator idea from TrendSpider on threads and decided to try and make my own. This is my first publicly shared script so go easy on me!

IN ORDER FOR THE COLOR CODING TO WORK PROPERLY, YOU MUST:
GO TO -> CHART SETTINGS -> SYMBOLS AND DISABLE BODIES, BORDERS, AND WICKS.

How it works:

The VWMA is plotted on your chart with a customizable band around it.

Candles change color depending on their position relative to the VWMA and its band:

Green → Price is above the VWMA (bullish bias).

Orange → Price is near or touching the VWMA/band (potential reaction zone).

Red → Price is below the VWMA (bearish bias).

You can choose between custom candles (full plotcandle styling) or simply recolor your existing chart candles with barcolor.

Customization options:

Select how the band is calculated: by % of VWMA, ATR multiple, or Ticks/Points.

Adjust colors separately for candle body, wick, and border.

Choose to show/hide the VWMA line and the band fill.

Fine-tune transparency for a clean look on any chart background.

Why traders use it:

Quickly spot when price is stretched away from the VWMA (overextended conditions).

Identify when candles are interacting with the VWMA (potential support/resistance).

Add volume-sensitivity to your trend analysis compared to standard moving averages.

Authors Note: The default settings work well with stocks on the weekly timeframe, although this can be used on any timeframe. The settings are highly adjustable for you to tune it to your liking.

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