VWAP Single Line or Bands Daily Reset

VWAP that resets when you want it to. Use a clean single VWAP line or enable up to 3 standard-deviation bands. Feel free to star rate after you've got everything set correctly!

This indicator calculates a daily/session VWAP using your chosen reset time and automatically starts a new VWAP calculation each day at that time.

Set the reset to the daily market open, a trading session open, or any custom time that fits your strategy. 

Features

• Daily/session VWAP reset
• Choose your own market/session start time
• Display a single VWAP line for a clean chart
• Enable up to 3 standard-deviation bands
• Each band can be turned on or off independently
• Custom multiplier for each band
• Multiple VWAP price sources
• Uses real volume when available, with tick volume as a fallback
• Works across MT5 timeframes
• Designed for forex, indices, metals, futures, and other MT5 instruments

VWAP Display

The main VWAP line provides the session's volume-weighted average price.

You can use the indicator in its simplest form with only the VWAP line, or add deviation bands when you want additional volatility reference levels.

Single Line Mode

Turn all bands off to display a clean VWAP line only.

This is ideal if you want a simple VWAP reference without additional chart lines.

Band Mode

Enable one, two, or all three deviation bands.

The default multipliers are:

• Band 1: 1.0 standard deviation
• Band 2: 2.0 standard deviations
• Band 3: 3.0 standard deviations

You can change each multiplier to whatever value you prefer.

Daily / Session Reset

The VWAP calculation begins again at your configured reset time every day.

For example, if you want the VWAP to begin at market open local time, set your GMT- or + according to the Baby Pips Market Hours website page, and add the following to your input settings:

MarketOpenHour = 23 or 0 for Sydney Start to New York End
MarketOpenMinute = 59 or 0 for Sydney Start to New York End

The indicator will then calculate a new VWAP from that daily/session starting point.

You can use the same functionality for other session times by entering the appropriate start time.

Input Note: If you're having issues getting your VWAP to reset at Sydney session start, New York session close, or any other of your custom time periods, message the seller of this free indicator and he will help you get your settings set correctly in your session GMT time zone. You can use his screen shot inputs below for reference.

Input Settings

MarketOpenHour

Sets the hour of your VWAP daily/session reset.

Range: 0–23

Example:

9 = 9:00 AM or any use any number between 0-23 that matches the session candle you want your VWAP to reset at everyday

MarketOpenMinute

Sets the minute of your VWAP daily/session reset.

Range: 0–59

Example:

30 = 30 minutes

For a 9:30 reset:

MarketOpenHour = 9
MarketOpenMinute = 30

GMTOffset

Converts your selected local reset time to your MT5 broker/server time.

Use:

MT5 Server GMT Offset − Your Local GMT Offset

Example:

Broker = GMT+2
Local Time = GMT−3

2 − (-3) = 5

Set:

GMTOffset = 5

If the relationship between your local time and broker server changes because of Daylight Saving Time, update this setting accordingly.

PriceType

Selects the price used in the VWAP calculation.

Available choices:

• PRICE_CLOSE — Close
• PRICE_OPEN — Open
• PRICE_HIGH — High
• PRICE_LOW — Low
• PRICE_MEDIAN — (High + Low) / 2
• PRICE_TYPICAL — (High + Low + Close) / 3
• PRICE_WEIGHTED — (High + Low + 2 × Close) / 4

Default: PRICE_TYPICAL

ShowBand1

Turns the first deviation band on or off.

Default: true

BandMult1

Sets the multiplier for Band 1.

Default: 1.0

ShowBand2

Turns the second deviation band on or off.

Default: false

BandMult2

Sets the multiplier for Band 2.

Default: 2.0

ShowBand3

Turns the third deviation band on or off.

Default: false

BandMult3

Sets the multiplier for Band 3.

Default: 3.0

Quick Setup

For VWAP Line Only

Set:

ShowBand1 = false
ShowBand2 = false
ShowBand3 = false

This gives you a clean single VWAP line.

For VWAP + 1 Band

Set:

ShowBand1 = true
BandMult1 = 1.0

Leave Bands 2 and 3 disabled.

For VWAP + 3 Bands

Set:

ShowBand1 = true
BandMult1 = 1.0

ShowBand2 = true
BandMult2 = 2.0

ShowBand3 = true
BandMult3 = 3.0

Volume

The indicator uses real volume when available. If real volume is not available from the broker/feed, it uses tick volume instead.

Using VWAP

VWAP can be used as a reference for:

• Intraday trend direction
• Price location relative to session value
• Pullbacks
• Mean-reversion analysis
• Breakout analysis
• Dynamic support/resistance reference
• Intraday trade management

The deviation bands provide additional context for how far price has moved from the calculated VWAP.

The bands are reference levels, not automatic buy or sell signals.

Important

The VWAP value depends on the selected reset time, price source, broker/server time, symbol, and available volume data.

Make sure your MarketOpenHour, MarketOpenMinute, and GMTOffset settings match the session you want the VWAP to measure.

Simple VWAP when you want it. Full deviation bands when you need them. Daily reset, fully configurable.

This indicator is a software tool for educational and informational purposes only and does not constitute financial or investment advice. Trading financial markets involves substantial risk of loss. No profit or performance is guaranteed.