OPEN-SOURCE SCRIPT
ETF vs Top 10 VWAP Deviation
This indicator plots two lines in a separate pane: the ETF's own % deviation
from its session VWAP, and the equal-weighted average VWAP deviation of its
top 10 holdings. The gap between them reveals intraday divergence — moments
when the ETF is leading or lagging the basket of stocks that drive it most.
Supports SPY and QQQ. Holdings are hardcoded as of March 2026 (updated
quarterly on rebalances). To avoid double-weighting Alphabet, GOOG is
replaced by LLY (SPY) and NFLX (QQQ) as the 10th component.
VWAP is calculated manually per symbol as cumulative(HLC3 × Volume) /
cumulative(Volume), resetting each session — matching standard session VWAP.
━━━ BASKET MODE ━━━
- % from VWAP — (price − VWAP) / VWAP × 100. Zero = price at VWAP.
Positive = above, negative = below. Directly comparable across symbols.
━━━ VISUALS ━━━
- Blue line = ETF | Orange line = Top 10 basket
- Graduated OB/OS bands at ±0.25, ±0.50, ±0.75, ±1.00
(yellow → orange → red, deepening with distance from zero)
━━━ USAGE NOTES ━━━
- Designed for intraday only. A runtime error is thrown
on weekly/monthly charts by design.
- Works best on SPY or QQQ charts directly. Running it on another symbol will
still calculate correctly but the ETF line will reflect that symbol's price.
- Holdings require manual updates on significant index rebalances (quarterly).
from its session VWAP, and the equal-weighted average VWAP deviation of its
top 10 holdings. The gap between them reveals intraday divergence — moments
when the ETF is leading or lagging the basket of stocks that drive it most.
Supports SPY and QQQ. Holdings are hardcoded as of March 2026 (updated
quarterly on rebalances). To avoid double-weighting Alphabet, GOOG is
replaced by LLY (SPY) and NFLX (QQQ) as the 10th component.
VWAP is calculated manually per symbol as cumulative(HLC3 × Volume) /
cumulative(Volume), resetting each session — matching standard session VWAP.
━━━ BASKET MODE ━━━
- % from VWAP — (price − VWAP) / VWAP × 100. Zero = price at VWAP.
Positive = above, negative = below. Directly comparable across symbols.
━━━ VISUALS ━━━
- Blue line = ETF | Orange line = Top 10 basket
- Graduated OB/OS bands at ±0.25, ±0.50, ±0.75, ±1.00
(yellow → orange → red, deepening with distance from zero)
━━━ USAGE NOTES ━━━
- Designed for intraday only. A runtime error is thrown
on weekly/monthly charts by design.
- Works best on SPY or QQQ charts directly. Running it on another symbol will
still calculate correctly but the ETF line will reflect that symbol's price.
- Holdings require manual updates on significant index rebalances (quarterly).
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.