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@FTrader: You would measure the distance as multiple of a standard deviation. Such an indicator could easily be coded as an offshoot of the VWAP with standard deviation bands.
You would just need to divide the absolute amount of [price - VWAP] and divide it by one standard deviation and multiply it with 100. The result would be an oscillator which would take values between + 300 and -300. It is not exactly limited to a minimum or maximum value, but would rarely exceed those values.
You can also use the anaCurrentDayVWAP and identify overbought and oversold conditions, when price has moved outside the second standard deviation, see chart attached.
