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FreeIndicators·ThinkorSwim

VScore

Proprietary volatility score that ranks setup quality.

How to install in ThinkorSwim

  1. In ThinkorSwim, open a chart, then go to Studies → Edit Studies.
  2. Click Create, clear the editor, and paste the code.
  3. Name it, click Apply, then OK, and it draws on your chart.

How to Use — WeTradePro VScore

A z-score oscillator of price vs session VWAP. Tells you, in standard deviations, how stretched price is from fair value. Intraday. Educational, not advice.

What it is (one line)

VScore = the z-score of (price − VWAP): a zero-centered oscillator showing how many standard deviations price has stretched from its volume-weighted fair value, with fade bands at ±2σ.

Who it's for & best timeframe

Trader typeHow you use itBest timeframeRecommended setting
Day traderBest fit — fade ±2σ stretches back to VWAP; the core intraday reversion play1-min – 15-minnumDev 2.0, statLength 20
Swing traderUse intraday to time entries into a daily-trend pullback5-min for timingnumDev 2.0
Position traderNot the primary tool (VWAP is a session metric)n/a — use intradayn/a

Best overall: 5-min intraday, 1-day chart range. VWAP resets each session, so this is an intraday instrument by design.

What you see (lower panel below price)

  • Cyan/magenta line: the VScore. Cyan above zero (price > VWAP), magenta below (price < VWAP).
  • Gray dashed zero: price = VWAP, fair value.
  • Red dashed band (+2σ): over-extended above — fade-short zone.
  • Green dashed band (−2σ): over-extended below — fade-long zone.
  • Dots: red = VScore crossing back below +2σ (reversion short). Green = crossing back above −2σ (reversion long).
  • Label: live VScore in σ units.

How to trade it (the core play)

  1. Wait for VScore to reach a band (±2σ) — price is statistically stretched.
  2. Enter on the dot — the cross back inside the band, signaling the snap toward VWAP has begun.
  3. Green dot = reversion long; red dot = reversion short.
  4. Stop beyond the price extreme that produced the σ peak.
  5. Target: the zero line (VWAP). That is the natural reversion destination.

Settings (inputs)

  • numDev (2.0) — band distance in σ. Raise to 2.5–3 to fade only the most extreme stretches.
  • statLength (20) — lookback for the std-dev of the price-VWAP gap. Shorter = more reactive bands.
  • showSignals (yes) — toggle the reversion dots.

Best on

  • Liquid, high-volume intraday names where VWAP matters: SPY, QQQ, AAPL, TSLA, NVDA, futures (ES/NQ).

Common mistakes

  • Running it on the Daily — VWAP is a session metric; the score is meaningless multi-day. Keep it intraday.
  • Fading a trend day — on strong trend days price rides ±2σ; reversions to VWAP fail. Check the day's character first.
  • Entering at first band touch instead of the cross-back dot.
  • Ignoring VWAP as the target — that's the whole logic of the tool.

Video script outline (for your WeTradePro tutorial)

  1. Hook: "How far is too far from VWAP? Measure it in σ."
  2. Explain z-score = standardized distance from fair value.
  3. Walk the bands: ±2σ = stretched.
  4. The dot = the snap-back begins; target = zero = VWAP.
  5. Trend-day warning: when reversion fails.
  6. Why this lives on intraday charts only.
  7. Recap + "import link in description."

Educational analysis, not financial advice.

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