VWAP bands – indicator for MetaTrader 5

  • Platform: Metatrader5
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • This indicator is similar to Bollinger bands, but it uses volume weighted average as the central value of the bands.

    When using it you have an option to use the tick volume or real volume for calculation (if the symbol and the broker are having real volume at all).

    Also, you can chose to have deviations calculated with or without sample correction.

    Each of the bands can be turned on or off. If the deviations multiplier for any of the bands is set to <=0 then that bands are not going to be calculated.

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  • How to install MT5 indicator?
  • 1. On the desktop, double-click to open the MT45 trading platform software you installed.
  • 2. Click on “File” in the upper left corner – “Open Data Folder”, double-click the MQL5 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT5, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window
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