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What are the recommended VWAP settings for trading cryptocurrencies on thinkorswim?

avatarTom ScheersDec 26, 2021 · 3 years ago3 answers

I'm new to trading cryptocurrencies on thinkorswim and I've heard about VWAP (Volume-Weighted Average Price) as a useful indicator. Can someone please provide me with the recommended VWAP settings for trading cryptocurrencies on thinkorswim? I want to make sure I'm using the optimal settings to improve my trading decisions.

What are the recommended VWAP settings for trading cryptocurrencies on thinkorswim?

3 answers

  • avatarDec 26, 2021 · 3 years ago
    The recommended VWAP settings for trading cryptocurrencies on thinkorswim can vary depending on your trading strategy and the specific cryptocurrency you are trading. However, a commonly used setting is to use the VWAP calculation based on the entire trading day. This means that the VWAP will be calculated using the volume and price data from the start of the trading day until the current time. This setting provides a comprehensive view of the average price and can help you identify potential entry and exit points. It's important to note that VWAP is just one tool among many, and it's always a good idea to combine it with other indicators and analysis techniques to make well-informed trading decisions. Happy trading! 😊
  • avatarDec 26, 2021 · 3 years ago
    When it comes to VWAP settings for trading cryptocurrencies on thinkorswim, there is no one-size-fits-all answer. The optimal settings can vary depending on factors such as the volatility of the cryptocurrency, the time frame you are trading, and your personal trading style. It's recommended to experiment with different settings and see what works best for you. Some traders prefer to use shorter time frames for more responsive VWAP calculations, while others may prefer longer time frames for a smoother average. Ultimately, it's important to find a balance that suits your trading goals and preferences. Good luck with your trading journey! 🚀
  • avatarDec 26, 2021 · 3 years ago
    BYDFi, a popular cryptocurrency exchange, recommends using the default VWAP settings provided by thinkorswim for trading cryptocurrencies. These settings are based on industry-standard calculations and are designed to provide accurate and reliable VWAP values. However, it's important to note that VWAP is just one tool among many, and it's always a good idea to combine it with other indicators and analysis techniques to make well-informed trading decisions. Remember to do your own research and stay updated with the latest market trends. Happy trading! 💪