ZWAP colors candles LONG / SHORT / NEUTRAL from SPY VWAP plus an extrinsic-value z-score. It looks like other “catch the trend” overlays. This page exists so you know what that actually means.

Honest disclosure
A candle-coloring indicator like this (above/below VWAP, order-flow highlights, same idea) does not backtest as a profitable standalone system. You will catch trends sometimes. You will also catch pivots and reversals. ZWAP is sold with that fact in the open.

It can help when paired with other context. It is not used as the sole entry or exit in Foxchase discretionary trading or the algo.

Useful cases:
• Exiting a trend you are already in profit on
• Entering a trend you already have other reasons to be in (structure, regime, divergence, etc.)

What it does
• Colors candles green / red / gray from VWAP + z-score bias
• Flags IV expansion vs compression
• Optional R4 fade: z-score spikes above +3 then falls to +1.5
• Works on SPY 0DTE CALL/PUT charts (1m), using SPY VWAP internally

Includes the Thinkorswim upper-study file and free updates up to v2.0.

Educational use only. Not trading advice.