Custom Bar Types
When calculating the statistical mode, we arrive at the price for which is the highest occurrence of trades – the volume peak – was observed. Rather than simply referencing the close value of the last N bars, this indicator references the volume-weighted price data of the entire price range of the bar, i.e. the volume weighted time price opportunities (VWTPO). By using the volume-weighted price data of all bars in the lookback period, we thereby get the moving mode VWTPO of the price volume distribution.
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Moving Mode VWTPO
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