LM Session VWAP Bands MT5
- Indicatori
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Luca Macinagrossa
Hello everyone, I’m Luca, an Italian algorithmic-trading developer based in London. My interest in trading and financial markets began during my university studies, where my first economics modules sparked a lasting curiosity about how markets behave. - Versione: 2.10
- Attivazioni: 10
LM Session VWAP Bands MT5
LM Session VWAP Bands MT5 is a configurable Volume Weighted Average Price indicator for MetaTrader 5.
It plots a VWAP line and optional weighted standard deviation bands directly on the chart. VWAP can reset daily, weekly, monthly, or at the start of a custom session defined in broker server time.
VWAP is calculated as:
VWAP = Sum(Price x Volume) / Sum(Volume)
The indicator can be used as part of your own intraday, session-based, trend, mean-reversion, price-action, or market-structure analysis.
LM Session VWAP Bands MT5 does not open, modify, or close trades. It does not provide investment advice and does not guarantee trading results.
Features
- Daily, weekly, monthly, and custom-session VWAP anchors.
- Custom sessions use broker server time.
- Overnight sessions are supported. For example, 22:00 to 06:00.
- Tick-volume and real-volume calculation modes.
- HLC3, OHLC4, HL2, and Close price sources.
- Optional Band 1 and Band 2 around VWAP.
- Independent visibility control for both band sets.
- Configurable band multipliers.
- Option to hide VWAP outside a custom session or extend the final session levels until the next session begins.
- Adjustable colours and line widths.
- No DLLs, external files, or additional dependencies.
- Suitable for visual analysis and Strategy Tester visual-mode testing.
Parameters
VWAP Settings
VWAP anchor
Selects when a new VWAP calculation begins.
- Daily reset: resets at the beginning of each broker trading day.
- Weekly reset: resets at the first Monday bar of the broker trading week.
- Monthly reset: resets at the beginning of each broker trading month.
- Custom session: resets at the start of the selected custom session.
Default: Custom session.
Price source
Selects the price used for VWAP calculations.
- Typical price: HLC/3.
- Average price: OHLC/4.
- Median price: HL/2.
- Close price: candle close.
Default: Typical price, HLC/3.
Volume source
- Tick volume: number of quote updates received during a bar.
- Real volume: actual traded volume when provided by the broker.
When Real volume is selected but unavailable for the symbol, tick volume is used as a fallback.
Default: Tick volume.
Standard Deviation Bands
Show Band 1
Displays or hides the first upper and lower band.
Default: true.
Band 1 multiplier
Sets the multiplier used for Band 1.
Default: 1.0.
Show Band 2
Displays or hides the second upper and lower band.
Default: true.
Band 2 multiplier
Sets the multiplier used for Band 2.
Default: 2.0.
Band 2 must be equal to or greater than Band 1. Both multipliers must be zero or greater.
Custom Session
All custom-session times use broker server time displayed in MetaTrader 5. They do not automatically follow your local time zone, London time, New York time, or a fixed exchange time.
Start hour / Start minute
Sets the start of the custom session.
Valid values:
- Hour: 0 to 23.
- Minute: 0 to 59.
Default: 15:30.
End hour / End minute
Sets the end of the custom session.
Valid values:
- Hour: 0 to 23.
- Minute: 0 to 59.
Default: 22:00.
If the end time is earlier than the start time, the session crosses midnight.
Example:
Start: 22:00
End: 06:00
Custom-session start and end times must be different.
Hide VWAP outside custom session
- true: VWAP and bands are hidden outside the selected custom session.
- false: the final VWAP and band values remain visible until the next session begins.
Default: true.
Visual Settings
VWAP colour
Selects the main VWAP line colour.
Band 1 colour
Selects the first upper and lower band colour.
Band 2 colour
Selects the second upper and lower band colour.
VWAP line width
Selects the VWAP line thickness.
Valid values: 1 to 5.
Default: 2.
Band line width
Selects the deviation-band line thickness.
Valid values: 1 to 5.
Default: 1.
How to use
1. Install LM Session VWAP Bands MT5 from the MetaTrader 5 Market.
2. Open the symbol and timeframe you want to analyse.
3. Attach the indicator to the chart.
4. Select a VWAP anchor.
5. For Daily, Weekly, or Monthly anchors, the custom-session settings are not used.
6. For Custom session, set start and end times according to broker server time.
7. Use Tick volume for most Forex and CFD symbols.
8. Use Real volume only when it is supplied by the broker.
9. Keep Band 1 at 1.0 and Band 2 at 2.0 as a starting configuration.
10. Adjust colours and line widths to suit your chart.
Important notes
- Results depend on the price and volume history supplied by the broker. Values can differ between brokers.
- Tick volume counts quote updates. It is not necessarily centralised traded volume.
- Real volume is not available for every broker or instrument. Tick volume is used if real volume is unavailable.
- The current bar updates until it closes, so the current VWAP and band values can change.
- Daily, weekly, monthly, and custom anchors use broker server time.
- Check custom-session times after broker daylight-saving-time changes.
- VWAP and deviation bands are analytical reference levels only. They are not guaranteed entry, exit, reversal, support, or resistance signals.
- Trading financial markets involves risk.
Version 2.10
- First Market release.
- Daily, weekly, monthly, and custom-session anchors.
- Tick-volume and real-volume modes.
- HLC3, OHLC4, HL2, and Close price options.
- Optional Band 1 and Band 2.
- Configurable standard deviation multipliers.
- Option to hide or extend levels outside custom sessions.
- Configurable colours and line widths.
