PipTick VWAP MT4
PipTick VWAP is our version of Volume-Weighted Average Price indicator. VWAP is the ratio between the value traded (price multiplied by number of volume traded) and total volume traded over a specific time period. It measures the average price of the instrument much better than the simple moving average. Although there are many ways how to use the VWAP, most investors use it to calculate the daily average.
The indicator works in five modes:
- Moving - In this mode the PipTick WVAP works as Moving Average with the specified period.
- Daily - In this mode the PipTick VWAP is calculated from the start to end of the day.
- Weekly - In this mode the PipTick VWAP is calculated from the start to end of the week.
- Monthly - In this mode the PipTick VWAP is calculated from the start to end of the month.
- Session Time - In this mode, the user can set the start and end hour for the PipTick VWAP calculation.
How to use the PipTick VWAP indicator?
Many traders use VWAP bands in the same way as Bollinger Bands. You can look around for reverse trades on the second and third standard deviations from the VWAP. In combination with price action or candle patterns you can achieve very good results. Of course, PipTick VWAP can also be used for benchmarking, as well as many investors are doing.
- Several optional modes
- First, second and third standard deviation from the VWAP
- Very fast and reliable indicator
- Customizable parameters (Colors, Line thickness, VWAP period...)
- Can be used for creating EA (Expert Advisor)
- Available for MT4 and MT5
- VWAP_Mode - Allows to choose between moving, daily, weekly, monthly and session time mode. (For iCustom function - moving = 0, daily = 1, weekly = 2, monthly = 3 and session time mode = 4)
- MA_Period - Period of MA calculation
- Sessions_Ago - Amount of session period. By default set to 3 sessions
- Session_Start_Hour - Allows to set start hour if the session time mode is set. In other case the parameter is ignored
- Session_End_Hour - Allows to set end hour if the session time mode is set. In other case the parameter is ignored
- Visibility_VWAP - Allows to enable or disable displaying of VWAP line
- Visibility_Deviation1 - Allows to enable or disable displaying of the first deviation lines
- Visibility_Deviation2 - Allows to enable or disable displaying of the second deviation lines
- Visibility_Deviation3 - Allows to enable or disable displaying of the third deviation lines
- VWAP - Values of the VWAP
- 1. SD Top - Values of the first deviation line above the VWAP
- 2. SD Top - Values of the second deviation line above the VWAP
- 3. SD Top - Values of the third deviation line above the VWAP
- 1. SD Bottom - Values of the first deviation line below the VWAP
- 2. SDBottom - Values of the second deviation line below the VWAP
- 3. SDBottom - Values of the third deviation line below the VWAP
For more information, visit PipTick VWAP product page.
To customize VWAP line style you have to change the line thickness to 1 (native behaviour).