OPEN-SOURCE SCRIPT
Session Value Ribbon [EXCAVO]
Anchored volume-weighted mean with a harmonic value ribbon and HTF confluence
The Session Value Ribbon plots a volume-weighted mean of price and a volatility-scaled sigma envelope, then partitions the space between them into a harmonic value ribbon (0.236, 0.382, 0.5, 0.618, 0.786). Three anchor modes let the wave adapt to any chart: Rolling (a sliding N-bar window, default), Timeframe (classical anchored VWAP that resets each session), and Date (fixed anchor). A second accumulator on a slower reference timeframe runs the same math and plots as an HTF confluence line for multi-scale reads.
This is not a basic VWAP indicator. The ribbon layers, the volatility-regime scaling of the sigma bands, the HTF confluence overlay, and the auto-resolver that picks the anchor from the chart timeframe turn a single-line mean into a full value map of the current session.
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▸ HOW TO USE
Step 1 → Add the indicator. The anchored mean, sigma envelope
and value ribbon draw immediately on whatever anchor
mode is selected (Rolling by default).
Step 2 → Read the mean as fair value for the active anchor.
Price above the mean = participants are bidding higher
than the anchor-window average; price below = lower.
Step 3 → Watch the outer sigma bands. A close beyond them
means price is stretched from fair value; the ribbon
layers below act as pullback shelves.
Step 4 → Use ribbon layers as intraday shelves. The 0.5 layer
is the midpoint between mean and outer band; the 0.236
layer sits close to the mean; the 0.786 layer sits
close to the outer band. Look for stalls and false
breaks at each layer.
Step 5 → Cross-check with the HTF confluence line. When the
primary mean and the HTF mean converge, price is in a
multi-scale value zone; when they diverge, one session
is running ahead of the other.
Step 6 → Read the dashboard for anchor mode, current mean,
distance from mean in sigmas, slope regime and bar
count since the anchor.
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▸ HOW IT CALCULATES
◆ Volume-Weighted Mean
The mean is a running weighted average of the selected price source. Weights come from volume with three modes: Full uses raw volume (classical MIDAS weighting), Root uses the square root of volume (dampens single-bar spikes so one huge candle cannot drag the mean), and None uses equal weight (the mean degenerates to a plain arithmetic average of the source).
◆ Anchor Modes
Rolling accumulates over a sliding N-bar window (default 200 bars), so the wave is always N bars long regardless of chart timeframe. Timeframe resets the accumulator on each boundary of the chosen anchor timeframe (Daily by default), matching the behaviour of a classical anchored VWAP. Date locks the anchor to a specific timestamp and keeps accumulating forever after.
◆ Sigma Envelope
Sigma is computed from the anchor-window weighted variance, E[X²] − (E[X])². The outer bands are drawn at ±sigmaMultiplier × sigma around the mean. Optional Volatility Regime Adjust multiplies sigma by an ATR-relative factor, bounded between 0.7x and 1.4x, so the bands breathe with the current activity state, giving tighter bands in quiet regimes and wider bands in wild ones.
◆ Harmonic Value Ribbon
The space between the mean and each outer band is split into harmonic layers at 0.236, 0.382, 0.5, 0.618 and 0.786 of the sigma distance. The ribbon is rendered as a progressive-opacity fill, not as separate labelled lines, so the eye reads a continuous value gradient instead of a stack of horizontal ledger lines.
◆ HTF Confluence Layer
A second accumulator runs the exact same math on the next slower anchor timeframe (Rolling with a longer window when the primary is Rolling; the next-slower TF step when the primary is Timeframe). The HTF mean plots as a thin coloured line. When the primary mean and the HTF mean align, price is in a multi-scale value zone.
◆ Slope-Based Regime Classifier
The classifier measures the slope of the primary mean over the slope-lookback window and normalises it by ATR. If |slope|/ATR exceeds the slope threshold (default 0.05 xATR), the ribbon and mean tint bull or bear. Below the threshold the regime is flat and the palette stays neutral.
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▸ WHAT MAKES IT DIFFERENT
◆ Chart-Timeframe Auto-Resolver
The anchor timeframe is resolved automatically from the chart timeframe, so the wave shape stays consistent across intraday, swing and position TFs without manual tuning.
◆ Volatility-Regime Scaling
The sigma envelope adapts to activity state instead of being fixed at a static multiplier. Tight regimes contract the bands, wild regimes widen them, with a bounded 0.7x to 1.4x multiplier so the visual stays stable.
◆ Harmonic Ribbon as Progressive Fill
The intra-band space is drawn as a smooth value gradient rather than a stack of horizontal lines. Layer count is user-selectable (Harmonic 3, 5 or 7).
◆ HTF Confluence Overlay
A second anchored mean on the next slower timeframe plots as a companion line so multi-scale value alignment is visible without a second indicator on the chart.
◆ Distance-In-Sigma Readout
A right-edge readout reports the current mean and the current distance from mean in sigmas, so the extreme readings are legible without measuring.
◆ EXCAVO Overlay Visual
Chart-anchored overlay only, with no pane oscillator and no floating badges. The wave, ribbon and HTF line share a single tonal palette that stays out of the way of price action.
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▸ DASHBOARD
Real-time panel (top right by default) with all key metrics:
Legend table (bottom left) explains every glyph and colour used on the chart. Toggle in Dashboard settings.
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▸ SETTINGS
Anchor
Source
Sigma Bands
Value Ribbon
HTF Confluence
Regime Coloring
Visualization
Dashboard
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▸ ALERTS
Directional alerts only.
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Built on MIDAS anchored VWAP (Paul Levine, 1990s), extended with three anchor modes (Rolling / Timeframe / Date), selectable volume weighting, volatility-regime scaling of the sigma bands, a harmonic ribbon rendered as a progressive-opacity fill, an HTF confluence layer, a slope-based regime classifier, and a right-edge distance-in-sigma readout.
Best regards,
EXCAVO
The Session Value Ribbon plots a volume-weighted mean of price and a volatility-scaled sigma envelope, then partitions the space between them into a harmonic value ribbon (0.236, 0.382, 0.5, 0.618, 0.786). Three anchor modes let the wave adapt to any chart: Rolling (a sliding N-bar window, default), Timeframe (classical anchored VWAP that resets each session), and Date (fixed anchor). A second accumulator on a slower reference timeframe runs the same math and plots as an HTF confluence line for multi-scale reads.
This is not a basic VWAP indicator. The ribbon layers, the volatility-regime scaling of the sigma bands, the HTF confluence overlay, and the auto-resolver that picks the anchor from the chart timeframe turn a single-line mean into a full value map of the current session.
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
▸ HOW TO USE
Step 1 → Add the indicator. The anchored mean, sigma envelope
and value ribbon draw immediately on whatever anchor
mode is selected (Rolling by default).
Step 2 → Read the mean as fair value for the active anchor.
Price above the mean = participants are bidding higher
than the anchor-window average; price below = lower.
Step 3 → Watch the outer sigma bands. A close beyond them
means price is stretched from fair value; the ribbon
layers below act as pullback shelves.
Step 4 → Use ribbon layers as intraday shelves. The 0.5 layer
is the midpoint between mean and outer band; the 0.236
layer sits close to the mean; the 0.786 layer sits
close to the outer band. Look for stalls and false
breaks at each layer.
Step 5 → Cross-check with the HTF confluence line. When the
primary mean and the HTF mean converge, price is in a
multi-scale value zone; when they diverge, one session
is running ahead of the other.
Step 6 → Read the dashboard for anchor mode, current mean,
distance from mean in sigmas, slope regime and bar
count since the anchor.
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
▸ HOW IT CALCULATES
◆ Volume-Weighted Mean
The mean is a running weighted average of the selected price source. Weights come from volume with three modes: Full uses raw volume (classical MIDAS weighting), Root uses the square root of volume (dampens single-bar spikes so one huge candle cannot drag the mean), and None uses equal weight (the mean degenerates to a plain arithmetic average of the source).
◆ Anchor Modes
Rolling accumulates over a sliding N-bar window (default 200 bars), so the wave is always N bars long regardless of chart timeframe. Timeframe resets the accumulator on each boundary of the chosen anchor timeframe (Daily by default), matching the behaviour of a classical anchored VWAP. Date locks the anchor to a specific timestamp and keeps accumulating forever after.
◆ Sigma Envelope
Sigma is computed from the anchor-window weighted variance, E[X²] − (E[X])². The outer bands are drawn at ±sigmaMultiplier × sigma around the mean. Optional Volatility Regime Adjust multiplies sigma by an ATR-relative factor, bounded between 0.7x and 1.4x, so the bands breathe with the current activity state, giving tighter bands in quiet regimes and wider bands in wild ones.
◆ Harmonic Value Ribbon
The space between the mean and each outer band is split into harmonic layers at 0.236, 0.382, 0.5, 0.618 and 0.786 of the sigma distance. The ribbon is rendered as a progressive-opacity fill, not as separate labelled lines, so the eye reads a continuous value gradient instead of a stack of horizontal ledger lines.
◆ HTF Confluence Layer
A second accumulator runs the exact same math on the next slower anchor timeframe (Rolling with a longer window when the primary is Rolling; the next-slower TF step when the primary is Timeframe). The HTF mean plots as a thin coloured line. When the primary mean and the HTF mean align, price is in a multi-scale value zone.
◆ Slope-Based Regime Classifier
The classifier measures the slope of the primary mean over the slope-lookback window and normalises it by ATR. If |slope|/ATR exceeds the slope threshold (default 0.05 xATR), the ribbon and mean tint bull or bear. Below the threshold the regime is flat and the palette stays neutral.
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
▸ WHAT MAKES IT DIFFERENT
◆ Chart-Timeframe Auto-Resolver
The anchor timeframe is resolved automatically from the chart timeframe, so the wave shape stays consistent across intraday, swing and position TFs without manual tuning.
◆ Volatility-Regime Scaling
The sigma envelope adapts to activity state instead of being fixed at a static multiplier. Tight regimes contract the bands, wild regimes widen them, with a bounded 0.7x to 1.4x multiplier so the visual stays stable.
◆ Harmonic Ribbon as Progressive Fill
The intra-band space is drawn as a smooth value gradient rather than a stack of horizontal lines. Layer count is user-selectable (Harmonic 3, 5 or 7).
◆ HTF Confluence Overlay
A second anchored mean on the next slower timeframe plots as a companion line so multi-scale value alignment is visible without a second indicator on the chart.
◆ Distance-In-Sigma Readout
A right-edge readout reports the current mean and the current distance from mean in sigmas, so the extreme readings are legible without measuring.
◆ EXCAVO Overlay Visual
Chart-anchored overlay only, with no pane oscillator and no floating badges. The wave, ribbon and HTF line share a single tonal palette that stays out of the way of price action.
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
▸ DASHBOARD
Real-time panel (top right by default) with all key metrics:
- Anchor - active anchor mode with its parameter (Rolling N, Timeframe TF, or Date)
- Mean - current value of the anchored mean
- Distance - price distance from mean in sigmas, signed
- Regime - Up / Down / Flat classification from the slope-based regime engine
- Bars in Anchor - bar count since the anchor started accumulating
Legend table (bottom left) explains every glyph and colour used on the chart. Toggle in Dashboard settings.
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
▸ SETTINGS
Anchor
- Anchor Mode - Rolling (default), Timeframe, or Date
- Rolling Length (bars) - 200 (window used in Rolling mode)
- Anchor Timeframe - D (used in Timeframe mode)
- Anchor Date - 01 Jan 2025 (used in Date mode)
Source
- Price Source - (H+L+C)/3 (typical price)
- Volume Weight - Full (raw volume) - Root (square root of volume) - None (equal weight)
Sigma Bands
- Sigma Multiplier - 2.0 (band distance in sigmas)
- Volatility Regime Adjust - OFF (ATR-scaled sigma with 0.7x-1.4x bounds)
Value Ribbon
- Show Value Ribbon - ON
- Ribbon Set - Harmonic 5 (0.236 / 0.382 / 0.5 / 0.618 / 0.786)
- Ribbon Opacity Base - 80
- Show Zone Fill - ON
- Zone Fill Opacity - 88
HTF Confluence
- Enable HTF Confluence - ON (draws a second mean from the next slower anchor)
Regime Coloring
- Slope Regime Coloring - ON
- Slope Lookback - 20 bars
- Slope Threshold (xATR) - 0.05
Visualization
- Bull Color - deep blue
- Bear Color - red
- Flat Color - neutral grey
- HTF Confluence Color - amber
- Show Right-Edge Readout - ON
Dashboard
- Show Dashboard - ON
- Dashboard Position - Top Right
- Show Legend - ON
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
▸ ALERTS
Directional alerts only.
- Price Crossed Above Anchored Mean - close crosses over the primary anchored mean
- Price Crossed Below Anchored Mean - close crosses under the primary anchored mean
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
Built on MIDAS anchored VWAP (Paul Levine, 1990s), extended with three anchor modes (Rolling / Timeframe / Date), selectable volume weighting, volatility-regime scaling of the sigma bands, a harmonic ribbon rendered as a progressive-opacity fill, an HTF confluence layer, a slope-based regime classifier, and a right-edge distance-in-sigma readout.
Best regards,
EXCAVO
Disclaimer
Trading involves significant risk. This indicator is a technical analysis tool
and does not constitute financial advice, investment recommendations, or a
guarantee of future results. Past indicator behavior does not guarantee future
performance. Always use proper risk management and your own judgment.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
👋 Trading since 2013 · TA & Indicators
TT - trading-tournaments.com/tournaments
Free analysis → t.me/+Qm96gDz3qdyNOs8t
Indicators → excavo.com/
🎓 Get EXCAVO Core,VIP, Academy → t.me/EXCAVOREFF_bot
TT - trading-tournaments.com/tournaments
Free analysis → t.me/+Qm96gDz3qdyNOs8t
Indicators → excavo.com/
🎓 Get EXCAVO Core,VIP, Academy → t.me/EXCAVOREFF_bot
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
👋 Trading since 2013 · TA & Indicators
TT - trading-tournaments.com/tournaments
Free analysis → t.me/+Qm96gDz3qdyNOs8t
Indicators → excavo.com/
🎓 Get EXCAVO Core,VIP, Academy → t.me/EXCAVOREFF_bot
TT - trading-tournaments.com/tournaments
Free analysis → t.me/+Qm96gDz3qdyNOs8t
Indicators → excavo.com/
🎓 Get EXCAVO Core,VIP, Academy → t.me/EXCAVOREFF_bot
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.