VWAP Fibo Bands RSJ is a free indicator for MetaTrader 5 that draws the daily VWAP with 7 bands above it and 7 bands below it, at distances you can set, and shows the current VWAP value in the top-left corner. The H key hides and shows everything. It is an indicator only: it never opens, closes or changes orders.
What it shows
- VWAP CENTER BAND: the volume-weighted average price of the day, which starts again at the beginning of each day (broker's server time).
- VWAP UPPER BAND 1 to 7 above the VWAP and VWAP LOWER BAND 1 to 7 below it. Each lower band is at the same distance from the VWAP as the upper band with the same number, so the bands are symmetrical.
- The bands show how far price has moved away from the day's volume-weighted average price. As the bands keep the same proportions every day, you can compare the levels from one day to the next.
- Text in the top-left corner, in the color of the VWAP line: VWAP: 1.08452, refreshed at each new candle.
- By default the indicator shows today and yesterday only, to keep the chart clean.
- The value of every line is shown in the Data Window (Ctrl+D).
How to add it to the chart
- Open the Navigator (Ctrl+N), expand Indicators > Market and drag VWAP Fibo Bands RSJ onto the chart (or double-click it).
- Set the options in the Inputs tab and, if you wish, colors, widths and styles in the Colors tab. Click OK.
- The bands are easiest to read on timeframes of M30 and below.
Inputs
CALCULATION CONFIGS:
- Calculation Volume Type (default: Real volume) — Real volume (traded volume, where the broker provides it) or Tick volume. On symbols without real volume (forex, CFDs, metals at most brokers) tick volume is used automatically.
- Calculation Price Type (default: Close) — the price of each candle used: Close (close), Close_High_Low (close, high and low) or Open_Close_High_Low (open, close, high and low).
- Show Yestarday (default: true) — also draws the VWAP and bands of the previous day. With false, only the current day is drawn.
- Show Past days (default: false) — with true, draws the VWAP and bands of every day in the chart history (Show Yestarday is then ignored).
VWAP CONFIGS:
- VWAP VISUALIZATION (default: TEXT AND LINE) — TEXT AND LINE shows the lines and the VWAP value in the corner; JUST LINE shows only the lines.
- VWAP Period (default: DAILY) — in this version the VWAP and the bands are always daily; leave this input on DAILY.
- Fibo Level 1 … Fibo Level 7 (defaults: 30.9 / 61.8 / 92.7 / 123.6 / 154.5 / 185.4 / 216.3) — the distance of each band from the VWAP, in hundredths of a percent of the VWAP price: with the default 30.9, band 1 sits about 0.31% above and below the VWAP. Lower values bring the bands closer to the VWAP, higher values move them away. Keep the values in increasing order (level 1 the smallest).
Colors
All lines are dashed. Default colors and widths:
- VWAP CENTER BAND: DodgerBlue, width 1
- VWAP UPPER BAND 1–3 / VWAP LOWER BAND 1–3: Orange, width 2
- VWAP UPPER BAND 4–5 / VWAP LOWER BAND 4–5: Brown, width 3
- VWAP UPPER BAND 6–7 / VWAP LOWER BAND 6–7: DarkViolet, width 3
Change them in the Colors tab; the VWAP text follows the color of the center line. To hide a single band, set its color to None.
Keyboard shortcut
- H — hides the VWAP, all bands and the text; press H again to show them. The chart refreshes for a moment when you press it. Click the chart first so that it receives the key.
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.
- Bands too far from price? On instruments that move little in a day, lower the Fibo Level values; on very volatile ones, raise them.
- Want to study past days? Set Show Past days to true.
- Only the VWAP? Set the color of the bands you do not need to None.
Download
VWAP Fibo Bands 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.
