Chart the multi-day ( ). Normally, the is tracked for the current day, from the first bar of the day (regular or extended session). The shows the current value of:
-> sum(hlc3 * , barsForDay) / sum( , barsForDay),
-> where 'barsForDay' is the total number bars that have elapsed during the day for the chart interval.
The multi-day version tracks the for N days back, by averaging the previous N - 1 day bars and the current for the current bar (chart interval).
This is very different that simply using a , since the closing values are used for the historical day bars. The results are interesting for intraday trades... especially for values of 1, 2, 3, 4, and 5 days.
Version 2 includes the closing for the previous day. There are enough instances where the price chooses to bounce from the previous day's closing value that it is worth discussing. Usually this value is at or near the daily , but sometimes not. Circled in the chart are some areas of recent SPY bounces on the previous day's closing .
It seems that when the 5-Day and normal have "enough" percentage separation, that there can be good intraday swing opportunities using bounces off indicators. This is similar to waiting for Hourly/Daily/Weekly/Monthly/etc to have "enough" separation to allow for swing setups. When are "closely" spaced, odds are the price is range bound for the time period (daily range in the case of day , etc).
Previous closing VWAPs can be plotted for all 5 of the original. As with my other scripts, I welcome all comments to spark new ideas that we can all benefit from.