YouTube Video
YouTube Video Transcript
hey this is David for big bits in this video we’re gonna take a look at some of the new updates on trading me including the anchored V wop a new expanded arrow or the drawing tools and then there’s also a couple of other things such as the ability to set an expiration on users permissions on their indicators and also just a new setting on hiding and showing the market status so we’ll go over all this just a moment but I think most people who are gonna watch this video are gonna be looking for the anger V wop so let’s go ahead and get started with that and they do have a blog post for this all these are coming from the what’s new area on trading view here so you can check out all that there on the website but the anchored V wop it does a pretty good job of explaining it but essentially it’s going to allow you to select a spot on the chart and then it’s going to calculate the volume weighted average price from that point forward so the built in V wop indicator that’s on here it kind of resets at the end of the day and basically a new V wop constantly but the anchored V wop is a little bit different now let me add the volume back on this chart kind of an idea of what’s going on as far as where the prices might be weighted a little bit more heavily so there was a lot of volume down here and since the price is volume weighted the moving averages volume weighted you’re gonna notice that this is gonna have a large impact on the actual Viwa value so let’s actually start back here all you have to do is click on the part on the chart you notice the price went down quickly here on a lot of volume so that moved that V walk very quickly down because the volume weighted average price was heavily affected by the high volume on this decrease in price and you’ll notice it’s also kind of holding that V walked down because during the entire duration of the V whap the values are the candles that have the most volume also had the most impact on the V Wahb throughout this period so you’ll notice that the price has a hard time climbing back up even though it looks like more days on this chart have actually traded above the current view up and there’s fewer days below it since there’s more volume below it that’s why the V V WAP is lower than that if you were to actually take the average price since that one then you’d be able to see something a little bit different in fact let me actually show you what moving average would look like for that let’s take just a moment let’s change this period out to a 100 so that’s getting pretty close let’s do 120 that should be even closer that’s too much 110 that’s about the same that’s close enough so you can see a simple moving average from about the same point is much higher but because the volume weighted the average price on the blue line with that indicator it’s bringing its value much lower than the actual moving average itself so I’ll go ahead and close out that moving average and with the volume weighted average price with this drawing tool that you can find over here you can actually adjust this just by changing the location of your anchor or your start point before the vo up so if we wanted to go back all the way and anchor this back here you notice the V wop is much higher because a lot of the volume comes from above these values down here so that’s actually pretty cool tools very useful for a lot of people now go ahead and remove that from the chart and the other thing that they have added is the arrow marker which is kind of nice there are arrows on there already but this one’s pretty pretty bold it stands out quite a bit as you can see up here and of course like some of the other drawing tools it has it to where you can actually add text to it as well so I’ll go ahead and show you that here in just a moment so let’s go back here to that kind of parabolic phase on Bitcoin draw an arrow and then to add text to it it’s pretty simple click on your settings for your drawing tool and you can add your text there so it’s a pretty simple it’s very bold so if you’re drawing your ideas and you’re sharing your charts on trading you this is a pretty good one to actually highlight and put emphasis on directions with the arrow or maybe just a call out a particular spot so that one is also neat now the ability to add an expiration to users access to an indicator is something really doesn’t concern everybody but for the people who are subscribing to other people’s indicators and you’re paying for that now what’s gonna happen is the person who is managing that for you it was granting you the access can also basically explicitly state here when your permission for that indicator ends and if you want to keep it up for those particular people you’ll have to probably keep paying for those people but other people maybe they’ll want to share their indicator with you but maybe only for a little while so this will work well for them and that is I believe for people with premium level access but yes if you can invite somebody to see your script you should have that example and finally the last one is the market status and this basically shows you if the market is open closed trading or not and this one’s really simple and as you can see here with Bitcoin there’s this nice green dot that shows the market is open you can actually just right click anywhere on this line and you’ll notice it has all the same options but you can just uncheck show open market status and that green dots no longer there it doesn’t really bother me but it might bother you sometimes if it’s showing up on there and you can also find that from your actual settings for the chart on the status line and just uncheck show open market status there and they’ll take care of that but I believe that is all for this particular video if you liked the video or you’re interested in V WAP or any of that stuff please leave a like on the video or if you have any questions leave a comment on the video itself I’ll try and get back back with you as soon as I can otherwise while you’re down there just please subscribe I almost forgot to ask you to subscribe that’s something I like to do every time because if you’ve watched until the end of the video hopefully you like the content and you’ll want to come back and watch more but that is it now and thank you and have a great day [Music]
YouTube Video Description
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Anchored VWAP TradingView Updates – New Arrows, Access Expiration and Market Status: In this TradingView Update we discuss a new drawing tool, which is really an indicator called Anchored VWAP. Another new drawing tool introduced was another new arrow. Premium members can now limit the length of access for users who they grant permissions to on their indicators/strategies. Finally, we share how to enable/disable the market status on the chart. With Pine Script it is very easy for even beginners to create their own indicators or strategies that have many other indicators within them. Once we have completed the script, we can see our results immediately and begin working with more functions, indicators, and strategies.
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