Price vs VWAP Performance

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Price vs VWAP Performance (PvVWAP)
This indicator visually displays the deviation between the current price and VWAP (Volume Weighted Average Price), helping you to determine the strength of a trend.

How it Works
VWAP Calculation: Calculates the Volume Weighted Average Price (VWAP) over a specified period.
Standard Deviation Calculation: Calculates the standard deviation of closing prices over the past 20 periods.
Deviation Calculation: Calculates the difference between the current price and VWAP, expressed as a multiple of the standard deviation.
Color Assignment: Changes the color of bars and background based on the magnitude of the deviation.
Green: Very strong uptrend
Light Green: Strong uptrend
Light Gray: No trend
Pinkish Red: Weak downtrend
Red: Very strong downtrend


How to Use
Trend Strength Assessment:
The greater the deviation of the price from VWAP, the stronger the trend is considered to be.
The color of the bars and background provides a visual indication of trend strength.
Entry/Exit Point Reference:
You can enter/exit by aiming for the movement of the price returning to VWAP after a large deviation from VWAP.


Notes
Parameter Settings:
The standard deviation period is 20 periods by default, but can be adjusted as needed.
Avoid Using Alone:
It is recommended to use this indicator in combination with other technical indicators.