BabyShark VWAP Strategy

What the code does:

This Pine Script implements a trading strategy based on two indicators: Volume Weighted Average Price (VWAP) and On Balance Volume (OBV) Relative Strength Index (RSI). The strategy aims to identify potential buy and sell signals based on deviations from VWAP and OBV RSI crossing certain threshold levels.

How it does it:

1. **VWAP Calculation**: The script calculates the VWAP using either standard deviation or average deviation over a specified length. It then plots the VWAP and its upper and lower deviation bands.
   
2. **OBV RSI Calculation**: It computes the OBV and then calculates the RSI using the cumulative changes in OBV. The RSI is plotted and compared against predefined levels.
   
3. **Table Visibility and Occurrence Counting**: It allows the user to display a table showing the number of occurrences where the price is above Upper Dev 2, below Lower Dev 2, crosses above a higher RSI level, or crosses below a lower RSI level.
   
4. **Entries**: Long and short entry conditions are defined based on the position of the price relative to the VWAP deviation bands and the color of the OBV RSI. Entries are made when specific conditions are met, and there hasn't been a recent entry.
   
5. **Exit Conditions**: The script includes stop-loss and take-profit mechanisms. It exits positions based on price crossing the VWAP or a certain percentage, and it prevents further trading after a certain number of consecutive losses.
   

What traders can use it for:

1. **Trend Identification**: Traders can use the VWAP and its deviation bands to identify potential trend reversals or continuations.
   
2. **Volume Confirmation**: The inclusion of OBV RSI provides confirmation of price movements based on volume changes.
   
3. **Entry and Exit Signals**: The script generates buy and sell signals based on the specified conditions, allowing traders to enter and exit positions with defined stop-loss and take-profit levels.
   
4. **Statistical Analysis**: The visibility of occurrence counts in the table allows traders to perform statistical analysis on the frequency of price movements relative to the VWAP and OBV RSI levels.
   

Catatan Rilis:

Changed entry condition to enter shaded area