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Anchored VWAP with Standard Deviation Bands

Demo downloaded: 14

Published: 1 June 2023

Current version: 1.3

Anchored VWAP with Standard Deviation Bands

Indicators
Ryan L Johnson
Version: 1.3
Updated: 8 September 2023
Activations: 5

The volume weighted average price indicator is a line study indicator that shows in the main chart window of MT5. The indicator monitors the typical price and then trading volume used to automatically push the indicator line toward heavily traded prices. These prices are where the most contracts (or lots) have been traded. Then those weighted prices are averaged over a look back period, and the indicator shows the line study at those pushed prices.

The indicator in this post allows the trader to set the daily start time of that look back period. This indicator automatically shows 5 daily look back periods: the currently forming period, and the 4 previous days based on that same start time. For this reason, this indicator is intended for intraday trading only. The indicator automatically shows vertical daily start time separator lines for those days as well. Both typical prices and volumes are accumulated throughout the day, and processed throughout the day.

Important update: v102 of this indicator allows you to anchor the start of the VWAP and bands to the most recent major high or low, even when that high or low appears in your chart several days ago. This is how institutional traders and liquidity providers often trade markets with the VWAP.

This indicator also shows 6 standard deviation bands, similarly to the way that a Bollinger Bands indicator shows such bands. The trader is able to set 3 individual standard deviation multiplier values above the volume weighted average price line study, and 3 individual standard deviation multiplier values below the volume weighted average price line study. Higher multiplier values will generate rapidly expanding standard deviation bands because again, the indicator is cumulative.

The following indicator parameters can be changed by the trader in the indicator Inputs tab:

Volume Type [defaults to: Real volume] - Set to Tick volume for over-the-counter markets such as most forex markets. Real volume is an additional setting for centralized markets such as the United States Chicago Mercantile Exchange.

VWAP Start Hour [defaults to: 07] - Set according to broker's or broker-dealer's MT5 server time in 24 hour format. For example, in the New York, United States time zone, 07 is approximately the London, United Kingdom business open hour.

VWAP Start Minute [defaults to: 00] - Set according to broker's or broker-dealer's MT5 server time in 24 hour format. For example, 00 is on the hour with no delay of minutes within that hour.

StdDev Multiplier 1 [defaults to: 1.618] - Set desired standard deviation distance between the volume weighted average price line study and its nearest upper and lower bands. For example, 1.618 is a basic Fibonacci ratio. Some traders prefer 1.000 or 1.250 here.

StdDev Multiplier 2 [defaults to: 3.236] - Set desired standard deviation distance between the volume weighted average price line study and its middle upper and lower bands. For example, 3.236 is 1.618 (above) + 1.618. Some traders prefer 2.000 or 1.500 here.

StdDev Multiplier 3 [defaults to: 4.854] - Set desired standard deviation distance between the volume weighted average price line study and its furthest upper and lower bands. For example, 4.854 is 1.618 (above) + 3.236 (above). Some traders prefer 3.000 or 2.000 here.

VWAP Color [defaults to: Aqua] - Set desired VWAP line study color. This color automatically sets the color of the start time separators as well.

SD1 Color [defaults to: White] - Set desired color of nearest upper and lower standard deviation lines.

SD2 Color [defaults to: White] - Set desired color of middle upper and lower standard deviation lines.

SD3 Color [defaults to: White] - Set desired color of furthest upper and lower standard deviation lines.

Just to clarify, popular standard deviation bands settings are:

1.618, 3.236, and 4.854; or
1.000, 2.000, and 3.000; or
1.250, 1.500, and 2.000.

Examples of usage *:

In a ranging (sideways) market, enter a trade at the extremes of the standard deviation bands (SD3) and exit when price returns to the VWAP line study.

Optionally, spread out the trade. For example, sell 3 contracts (or lots, mini lots, micro lots, etc.) at SD1Pos, sell 2 at SD2Pos, and sell 3 at SD3Pos. Exit at VWAP. Do reverse for buy. (Roll cursor over standard deviation bands to see SD1Pos, SD1Neg, etc. labels); or

Trade between SD1Pos and SD1 Neg, alternately buying and selling from one standard deviation line to the other.

In a trending (rising or falling) market, enter a buy when a price bar opens above the VWAP line study, and exit at the nearest standard deviation band above (SD1Pos).

Optionally, repeat the same trade but substitute SD1Pos for the VWAP, and SD2Pos for SD1. Reverse for sell; or

Trade all lines (VWAP, SD1Pos, SD2Pos, and SD3Pos) in the same way. Again, reverse for sell.

* The above trading conditions are not exhaustive. 7 lines provide many creative way to trade.

Indicator lines (indicator buffers) can be called with iCustom in Expert Advisors created by Expert Advisor builder software or custom coded Expert Advisors:

No empty values; and

No repainting.

This indicator will not load without live market data--the market must be open.

LEGAL DISCLAIMER: Nothing in this post may be construed as trading nor investment advice. Any and all examples provided above merely illustrate the technical features and hypothetical usage of the indicator posted herein.

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The Logarithmic Moving Average indicator is a moving average that inverts the formula of an exponential moving average. Many traders are known to use logarithmic charts to analyze the lengths of price swings. The indicator in this post can be used to analyze the logarithmic value of price on a standard time scaled chart. The trader can set the following input parameters: MAPeriod [defaults to: 9] - Set to a higher number for more smoothing of price, or a lower number for faster reversal of the l

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The Better Daily Range indicator shows the previous trading day's price range on the current day's chart. Many traders mark out the previous day's high, low, and the current day's open before trading. This is not an average true range indicator (ATR). This is not an average daily range indicator (ADR). This is a daily range indicator (DR). This indicator shows horizontal maximum and minimum range lines. If your broker-dealer's MT5 platform shows Sunday bars, Sunday bars are not included as pr

30 USD

This indicator is an anchored semi-logarithmic scale oscillator. A logarithmic scale is widely used by professional data scientists to more accurately map information collected throughout a timeframe, in the same way that MT5 maps out price data. In fact, the underlying logic of this indicator was freely obtained from an overseas biotech scientist. A log-log chart displays logarithmic values on both the x (horizontal) and y (vertical) axes, which generally produces a straight line that points up

30 USD

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Version 1.3 2023.09.08

Added: indicator input showHistory - allows you to turn on or turn off the display of the VWAPs for the previous 4 days. This reduces the load on your platform and device.

Version 1.2 2023.09.07

Added: VWAP Start Day (days back) input. This allows you to anchor the start of the current VWAP and bands to the most recent major high or low, even when that high or low formed several days ago.

Version 1.1 2023.06.15

Updated indicator property link: Now links directly to product in MQL5 Market.