PVW Oscillator Session — VWAP Percent Distance Indicator

PVW Oscillator Session is a professional-grade VWAP % distance indicator engineered for traders who want precise mean-reversion signals, momentum confirmation, and statistically grounded session analysis. It measures the percentage distance between price and VWAP, applies optional smoothing for noise reduction, and overlays dynamic standard-deviation bands that adapt continuously to real market behavior.

This indicator pairs exceptionally well with Heikin Ashi candles.
Heikin Ashi’s smoothing makes trends clearer, reduces chart noise, and enhances the readability of the oscillator’s momentum transitions. When combined, price flow becomes more structured while the PVW Oscillator shows the underlying statistical drift away from VWAP giving you a sharper, more reliable view of trend quality, exhaustion, and reversals.

At its core, the script uses ohlc4 VWAP to create a normalized oscillator that works on every asset and timeframe. The optional smoothing length refines the signal further, transforming raw VWAP distance into a stable, trend-revealing momentum curve. This is particularly effective during volatile intraday sessions where noise can distort real directional intent.

A real-time Welford’s algorithm engine computes the evolving mean and standard deviation (σ) of VWAP deviation across the entire chart. From this, the indicator plots dynamic ±1σ, ±2σ, ±3σ bands, each with filled zones for instant visual interpretation:
• ±1σ = VWAP equilibrium zone
Ideal for identifying balanced markets, compression, or accumulation/distribution phases.
• 1σ → 2σ = Momentum expansion zone
Perfect for spotting breakout confirmation, trend acceleration, or early reversal failure.
• 2σ → 3σ = Extreme deviation zone
Statistically stretched conditions where trend exhaustion or mean-reversion probability rises sharply.

Momentum-based coloring is applied to both the oscillator and (optionally) to price bars, showing rising/falling behavior above or below VWAP at a glance especially powerful when paired with Heikin Ashi candles.


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