This indicator illustrates the degree of support and resistance strength by using a set of VWAPs anchored to Willams Fractals.
Green bars: percentage of AVWAPs built off Fractal Highs which are below the price action ("imposing increased support").
Red bars: percentage of AVWAPs built off Fractal Lows which are above the price action ("imposing increased resistance").
Here's how we build it:
- We build Williams Fractal with a given length
- We build an AVWAP from each Fractal point
- For every candle, we do the following:
- Take 10 of the most recent AVWAPs off Highs and 10 of the most recent AVWAPs off Lows
- Calculate percentage of AVWAPs built off Fractal Highs which are below the price action (painted as greenhistogram)
- Calculate percentage of AVWAPs built off Fractal Lows which are above the price action (painted as red histogram)
Here's how you read it ("All AWVAPs" refers to "AVWAPs built off Fractal Highs" or "AVWAPs built off Fractal Lows" respectively):
Feb 17, 2023