VWAP Bands Indicator for MetaTrader 4 Download - Free - [TradingFinder]

The VWAP Bands Indicator combines Volume Weighted Average Price (VWAP) and price bands in MetaTrader 4.

The VWAP calculates the average price of an asset weighted by its trading volume and indicates the general trend direction over a specified time frame.

One key feature of this indicator is the ability to adjust the time frame for creating the bands.

VWAP Bands Indicator Specifications Table

Bullish Trend Conditions

Based on the analysis of Binance Coin (BNB) in a 30-minute time frame, the price crossing above the moving average (middle line in light blue) indicates a tendency to oscillate within the upper bands.

The image below shows that the upper bands effectively act as a resistance level.

Bearish Trend Conditions

According to the price chart analysis of the GBP/USD currency pair in a 15-minute time frame, the price breaks below the moving average (blue line) and moves downward.

The lower bands effectively act as support levels, consistently reacting to the price.

Indicator Settings

• Type of VWAP: Determines calculations based on different time frames;
• Shift: Adjusts VWAP position forward or backward;
• Price Type: Calculation type based on price;
• Number of StdDevs for the 1st Band: Standard deviation value for the first upper and lower bands (1.0);
• Number of StdDevs for the 2nd Band: Standard deviation value for the second upper and lower bands (2.0);
• Number of StdDevs for the 3rd Band: Standard deviation value for the third upper and lower bands (2.5);
• UTC Time (true) / Local Time (false): Determines session times based on UTC;
• Asia Time Zone: Asian session;
• Start Asia Time: 7:00;
• End Asia Time: 17:00;
• London Time Zone: London session;
• Start London Time: 7:00;
• End London Time: 16:30;
• New York Time Zone: New York session;
• AM Start New York Time: 14:30;
• PM Start New York Time: 19:30;
• End New York Time: 22:55;
• Label Color: Color of labels;
• Text Position: Position of label text;
• Line Color: Determines the line color;
• Line Width: Determines the line thickness;
• Line Style: Line type;
• Line Back: Adjusts the line backward;
• Theme: Indicator theme.

Conclusion

The VWAP Bands Indicator is a powerful and practical tool for identifying trends, key support, and resistance levels and predicting future market movements in MetaTrader 4.

Price crossing the moving average line (middle line) can be considered a signal for trade entry. Additionally, the upper and lower bands act as support and resistance zones.