What you can expect from Brilliant Charts :
it is a very comprehensive and well thought out system, giving you information about key price, time and volume activity;
if given some screen time and effort to learn the intricacies of this system, you will be on your way to confident, successful trading;
it will help cover some discipline issues (like paying attention to dangerous news releases or choppy periods);
it is the result of hard work, dedication and quality software coding; if you notice any bugs or have sugestions to improve it, you can always email me and your sugestions will be taken into consideration for future updates; all updates and bug fixes will be free, excepting major upgrades and/or module additions.
The VWAP (Volume-Weighted Average Price) is the ratio of price to total volume traded over a period of time. Brilliant Charts uses a monthly, weekly and daily VWAP.
You will notice strong reversals at VWAP levels over and over again, which means they can be used for determining entry points, but also as trend indications. You generally want to trade in the direction of the current volume of the market, so if price is above the daily VWAP and you are trading an intraday chart, you would want to be looking for long entries or take quick profits on the shorts. It is used by many pension funds or mutual funds for safe trading. Paying attention to it means that you know what side the smart money is on.
You generally won't have to alter the parameters, but here is a brief explanation of each one:
• sydney_hour – time of Sydney Session based on your broker's timezone (hh:mm); it is recommended that you leave this blank and the indicator will automatically calculate this for you;
• startbar – if use_tf is set to false and you don't set any date in use_date, it will start the VWAP calculation X bars ago, where X=startbar;
• use_date – allows you to set a custom time and date for the start of the VWAP calculation;• use_tf – if true, it will use the tf setting to calculate the time and date for the start of VWAP calculations for you;
• tf – if use_tf is set to true, specify the timeframe you want to use (60=H1, 240=H4, 1440=D1, 10080=W1,43200=MN1); so, for instance, if you choose 1440, the indicator will start plotting the daily VWAP, beginning with today's open time and price.
Brilliant Charts User Manual.pdf
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