VWAP RSJ is a free indicator for MetaTrader 5 that draws four VWAP lines on the same chart (hourly, daily, weekly and monthly) and shows the current value of each one in the top-left corner. It is an indicator only: it never opens, closes or changes orders.
What it shows
- HOURLY VWAP, DAILY VWAP, WEEKLY VWAP and MONTHLY VWAP: four dashed lines, each with its own color.
- Each line starts again at the beginning of its period: every hour, every day, every week (from Sunday) and on the first day of each month, by the broker's server time.
- Text in the top-left corner of the chart, one row per period, in the color of its line: for example DAILY VWAP: 1.08452. The values are refreshed at each new candle.
- When price is above a VWAP line, it is trading above that period's volume-weighted average price; below the line, under it. Areas where two or more lines are close together are often watched by traders of different periods.
- The value of each line also appears in the Data Window (Ctrl+D).
How to add it to the chart
- Open the Navigator (Ctrl+N), expand Indicators > Market and drag VWAP RSJ onto the chart (or double-click it).
- In the Inputs tab choose the volume, the price and which periods to show; in the Colors tab change colors, widths and styles if you wish. Click OK.
Inputs
CALCULATION CONFIGS:
- Calculation Volume Type (default: Real volume) — the volume used: Real volume (traded volume, where the broker provides it) or Tick volume. On symbols without real volume (forex, CFDs, metals at most brokers), the indicator uses tick volume automatically.
- Calculation Price Type (default: Close) — the price of each candle used for the lines: Close (close), Close_High_Low (close, high and low) or Open_Close_High_Low (open, close, high and low).
VWAP PERIODS CONFIGS:
- SHOW HOURLY VWAP?, SHOW DAILY VWAP?, SHOW WEEKLY VWAP?, SHOW MONTHLY VWAP? (default for all: BOTH_TEXT_AND_LINE) — what is shown for each period:
- BOTH_TEXT_AND_LINE — the line and the text in the corner.
- JUST_TEXT — only the value in the corner, without the line.
- JUST_LINE — only the line, without the text.
- NONE — the period is not shown.
Colors
All lines are dashed, width 2. Default colors:
- HOURLY VWAP: DarkViolet
- DAILY VWAP: Brown
- WEEKLY VWAP: Orange
- MONTHLY VWAP: Navy
Change them in the Colors tab; the text in the corner follows the color of its line.
Tips and frequent questions
- Which markets? Any symbol with tick or real volume: futures and stocks of any exchange (e.g. B3, CME and others), forex, CFDs and metals.
- Which timeframe? Intraday charts. The hourly VWAP is most useful on M1 to M15; on H1 and above it is redrawn at every candle and adds little.
- The monthly line starts in the middle of the chart? The chart needs history from the start of the month; scroll back or increase "Max bars in chart" in the terminal settings.
- Too many lines? Set the periods you do not use to NONE, or to JUST_TEXT to keep only their value in the corner.
Download
VWAP RSJ — free on the MQL5 Market.
Questions and suggestions: send me a private message through my MQL5 profile.
Trading involves risk of loss. The indicator shows market information; it does not forecast prices or guarantee results.
