Daily VWAP with standard deviation bands - indicatore per MetaTrader 5

DailyVWAP plots the volume weighted average price (VWAP) of the current day and two pairs of standard deviation bands around it. The VWAP is the average price of the day weighted by volume and is widely used as a fair value reference on stock indices, futures and CFDs.

What it draws:

- VWAP: the golden line, restarted every day

- First bands: VWAP plus and minus 1 standard deviation

- Second bands: VWAP plus and minus 2 standard deviations (dotted)

Inputs:

- Hour of the day (server time) when the VWAP restarts

- Bands on/off and the multiplier of each band

- Maximum number of bars to calculate

Notes:

- Works on any symbol and any timeframe up to H4

- The calculation uses tick volume, which is the only volume available on most CFD brokers

- The line is calculated on closed and current bars and the past values do not change

- It is an information tool, not a trading system: it does not promise any profit

How to use:

1. Copy DailyVWAP.mq5 into the MQL5\Indicators folder of your terminal (File - Open Data Folder) and compile it in MetaEditor.

2. Drag DailyVWAP from the Navigator window onto a chart.

3. To restart the VWAP at the US open instead of midnight, set the reset hour to the server hour of the open (for example 15 on a European server).

Tips:

- Price far from the VWAP, beyond the second band, shows an extended move compared with the average of the day.

- Compare the slope of the VWAP with the slope of the price to see which side is in control.