VWAP Single Line or Bands Daily Reset

This VWAP indicator can reset on the daily open or any session with or without 3 standard-deviation bands. It is a clean, practical intraday trading tool designed to help traders identify the market's volume-weighted fair value and quickly recognize areas where price is trading above, below, or significantly away from that value.

The indicator calculates a full day or session-based Volume Weighted Average Price (VWAP) from a customizable market/session opening time and displays up to three standard-deviation bands around the VWAP.

Whether you trade indices, forex, metals, futures, or other instruments on MetaTrader 5, VWAP can provide a useful reference for trend direction, mean reversion, pullbacks, breakouts, and intraday support/resistance.

Key Features

• Session-based VWAP calculation
• Customizable market/session opening time
• Automatic daily session reset
• Supports multiple price sources:
  • Close
  • Open
  • High
  • Low
  • Median
  • Typical Price (HLC3)
  • Weighted Price
• Uses real volume when available, with tick volume as a fallback
• Up to 3 configurable standard-deviation bands
• Each band can be independently enabled or disabled
• Custom multiplier for each band
• Clean visual design for easy chart reading
• Works across different MT5 timeframes
• Useful for both discretionary and systematic intraday analysis

VWAP stands for Volume Weighted Average Price.

Instead of simply averaging price, VWAP weights each price by the amount of trading volume occurring at that price.

The result is a dynamic reference price representing the average price traded during the current session, weighted by volume.

In general:

Price above VWAP: Buyers are trading above the session's volume-weighted average price.

Price below VWAP: Sellers are trading below the session's volume-weighted average price.

Price near VWAP: Price is trading close to the session's volume-weighted fair value.

The indicator also calculates the standard deviation of price around VWAP and can display up to three deviation levels.

VWAP — Line

The center line is the primary session VWAP.

It can be used as:

• An intraday trend reference
• A potential dynamic support/resistance level
• A mean-reversion reference
• A trade management/reference level
• A way to judge whether price is trading above or below session value

Band 1 

Band 1 represents the first standard-deviation level from VWAP.

With the default setting:

Band 1 Multiplier = 1.0

This creates:

VWAP + 1 Standard Deviation

and

VWAP − 1 Standard Deviation

Band 2 

Band 2 represents the second standard-deviation level.

Default:

Band 2 Multiplier = 2.0

This can be useful for identifying larger extensions away from VWAP.

Band 3 

Band 3 represents the third standard-deviation level.

Default:

Band 3 Multiplier = 3.0

This provides an additional reference for extreme intraday price extensions.

MarketOpenHour

Default: 9

Sets the hour at which the VWAP session begins.

Valid values:

0–23

Enter the session opening hour according to your local time.

Example:

For a 9:30 AM local session open:

MarketOpenHour = 9

MarketOpenMinute

Default: 30

Sets the minute at which the VWAP session begins.

Valid values:

0–59

Example:

For a 9:30 AM local session open:

MarketOpenMinute = 30

Together:

MarketOpenHour = 9
MarketOpenMinute = 30

creates a 9:30 AM local session start.

GMT Offset

Default: -3

This setting converts your local session opening time to the MT5 broker/server time.

The calculation is:

MT5 Server GMT Offset − Your Local GMT Offset

Example

If your broker/server is:

GMT+2

and your local time is:

GMT−3

then:

GMT+2 − GMT−3 = +5

Set:

GMTOffset = 5

Another example:

If your broker is GMT+2 and your local time is GMT−4:

2 − (−4) = 6

Set:

GMTOffset = 6

Important

Your broker's MT5 server time and your local time may change relative to each other when Daylight Saving Time changes.

If your local timezone observes DST, review the GMTOffset setting when the applicable DST schedule changes.

Default: PRICE_TYPICAL

Selects the price used in the VWAP calculation.

Available choices include:

PRICE_CLOSE

Uses the candle closing price.

PRICE_OPEN

Uses the candle opening price.

PRICE_HIGH

Uses the candle high.

PRICE_LOW

Uses the candle low.

PRICE_MEDIAN

Uses:

(High + Low) ÷ 2

PRICE_TYPICAL

Uses:

(High + Low + Close) ÷ 3

This is the default and is commonly referred to as Typical Price or HLC3.

PRICE_WEIGHTED

Uses:

(High + Low + 2 × Close) ÷ 4

For a balanced general-purpose VWAP, the default PRICE_TYPICAL setting is a good starting point

Default: true

Controls whether the first standard-deviation band is displayed.

true: Show Band 1
false: Hide Band 1

Default: 1.0

Controls the distance of Band 1 from VWAP.

Examples:

1.0 = 1 standard deviation
1.5 = 1.5 standard deviations
2.0 = 2 standard deviations

The higher the multiplier, the farther the band will be from VWAP

Default: false

Controls whether the second standard-deviation band is displayed.

true: Show Band 2
false: Hide Band 2

Band 2 is disabled by default to keep the chart clean.

Default: 2.0

Controls the distance of Band 2 from VWAP.

Default:

2.0 standard deviations

Default: false

Controls whether the third standard-deviation band is displayed.

true: Show Band 3
false: Hide Band 3

Band 3 is disabled by default

Default: 3.0

Controls the distance of Band 3 from VWAP.

Default:

3.0 standard deviations

For a straightforward intraday VWAP setup:

MarketOpenHour: Your session opening hour
MarketOpenMinute: Your session opening minute
GMTOffset: Broker/server GMT offset minus your local GMT offset
PriceType: PRICE_TYPICAL
ShowBand1: true
BandMult1: 1.0
ShowBand2: false
BandMult2: 2.0
ShowBand3: false
BandMult3: 3.0

This provides a clean VWAP with the first deviation band while avoiding unnecessary chart clutter.

1. Add the indicator to your MT5 chart

Open MetaTrader 5 and attach VWAP Daily Session to the desired chart.

2. Set your session opening time

Enter the hour and minute corresponding to the beginning of the trading session you want the VWAP to measure.

3. Configure GMTOffset

Calculate the difference between your MT5 broker/server GMT offset and your local GMT offset.

Make sure the setting is adjusted when applicable DST changes affect the relationship between your local time and broker time.

4. Select your price source

The default PRICE_TYPICAL (HLC3) is a good general-purpose setting.

5. Choose your deviation bands

Enable or disable Bands 1–3 according to your trading style.

For a cleaner chart, Band 1 alone may be sufficient.

For a broader volatility framework, enable Bands 2 and 3 as well.

A common way to interpret the indicator is to use VWAP as the central intraday reference.

Bullish Environment

Price remains predominantly above VWAP and pullbacks toward VWAP hold.

Traders may interpret VWAP as an area of potential dynamic support.

Bearish Environment

Price remains predominantly below VWAP and rallies toward VWAP fail.

VWAP may then act as a potential dynamic resistance reference.

Mean Reversion

When price becomes significantly extended away from VWAP, the deviation bands can help identify how far price has moved from the session's volume-weighted average.

A move toward a higher deviation band does not automatically mean price will reverse. The bands are reference levels rather than guaranteed reversal signals.

VWAP can be used on different intraday timeframes depending on the trader's strategy.

Lower Timeframes

Useful for:

• Scalping
• Short-term entries
• Pullback analysis
• Intraday execution

Higher Intraday Timeframes

Useful for:

• Broader intraday trend analysis
• Session structure
• Major VWAP interactions
• Trade management

The VWAP remains tied to the configured session rather than simply resetting based on the chart timeframe.

The indicator uses real volume when available.

If real volume is unavailable, it falls back to tick volume.

This allows the indicator to remain useful across different MT5 markets and broker feeds where volume data can differ.

VWAP is an analytical reference tool and is not a standalone trading system.

The indicator does not guarantee that price will reverse from VWAP or any deviation band.

Consider combining VWAP with your own analysis, such as:

• Market structure
• Trend direction
• Support and resistance
• Price action
• Volatility
• Liquidity
• Session behavior
• Other technical or fundamental factors

Different brokers, symbols, trading sessions, volume feeds, and server times can produce different VWAP values.

Always verify the session start time and GMTOffset settings for your particular broker and trading environment.

Suppose you want a VWAP beginning at 9:30 AM local time.

Set:

MarketOpenHour = 9
MarketOpenMinute = 30

Then determine:

GMTOffset = MT5 Server GMT Offset − Your Local GMT Offset

For example, if your MT5 server is GMT+2 and your local timezone is GMT−3:

GMTOffset = 5

Then leave the remaining settings at their defaults:

PriceType = PRICE_TYPICAL
ShowBand1 = true
BandMult1 = 1.0
ShowBand2 = false
BandMult2 = 2.0
ShowBand3 = false
BandMult3 = 3.0

The result is a clean session VWAP with a ±1 standard-deviation band.

Trade With the Session — Not Against It

VWAP Daily Session gives traders a simple visual framework for understanding where price is trading relative to the session's volume-weighted average and how far price has deviated from that value.

Use the VWAP as your central reference, the deviation bands as volatility context, and your own strategy and market analysis to make trading decisions.

Simple. Clean. Flexible. Built for intraday VWAP analysis.

The indicator is a software tool intended for educational and informational purposes only. It does not constitute financial advice, investment advice, or trading recommendations of any kind. Past performance of any indicator or strategy does not guarantee future results. Trading in forex, commodities, or any financial market involves substantial risk of loss and is not suitable for all investors. You are solely responsible for any trading decisions you make and any outcomes that result from using these tools. By using this indicator tool, you acknowledge that you understand these risks and that no guarantee of profit is made or implied.