VWAP Session Indicator
VWAP Session is an indicator usually used by big institutions to spot entries in the market to buy low and sell high.
VWAP means Volume Weighted Average Price, thus the indicator's purpose is to give a fair price for a given asset.
You can buy below VWAP level and sell above VWAP level.
The VWAP Session indicator also displays bands with deviations to identify price in overbought and oversold situations.
Usually, you can buy an asset when the price is out of the third or fourth deviation and look for an entry.
Some can use the second deviation for a quick scalp.
VWAP is a very useful indicator to trade like professionals.
VWAP indicator can generate alerts when price go through a deviation level.
VWAP indicator can generate alerts for in or out movement (reference price is central price of VWAP). The alerts can be used to look for an entry (2nd, 3rd, 4th deviation) or for target (VWAP).
- Session (Weekly/Daily): session to be used for calculations of indicator
- SessionStart: time of the day to be used for the start of the daily session
- CountSessions: number of sessions to be displayed in your chart
- Deviation 1 to 6: deviations to be used to display upper and lower bands (read comment below for multiple deviations)
- UseAlerts (true/false): set to true if you want indicator to generate alerts when a level is crossed
- SoundAlerts (true/false): set to true if you want to listen to sound alerts
- SoundFile: name of the wav file to be used to generate sound alert
- PopupAlerts (true/false): set to true if you want to use popup alerts
- EmailAlerts (true/false): set to true if you want to use email alerts (read MetaTrader documentation for details how to setup email alerts)
- NotificationAlerts (true/false): set to true if you want to receive notifications to your cell (read MetaTrader documentation for details how to setup notifications alerts)
- LogAlerts (true/false): set to true if you want to generate log with alerts in the Experts tab
- DeviationThresholdOut: level to reach to generate out alerts (from within the bands to out of the bands deviation level)
- DeviationThresholdIn: level to reach to generate in alerts (from out of the bands to within the bands deviation level)
If you want to display more than six deviations levels, then you can insert indicator several times in your chart and change settings for each occurrence of the indicator.
VWAP can be used with any class of assets: Forex, Futures, Equities, Commodities, etc.
VWAP indicator can be used with any timeframe lower than Weekly (for weekly session) or lower than Daily (for daily session).
We recommend to use M30.
We recommend to use indicator with weekly session and M30 timeframe.
We recommend to not display more than two sessions per chart to speed up display and reduce processor usage.
We also provide enhanced version of VWAP called VWAP Dynamic: https://www.mql5.com/en/market/product/24986
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