Introduction to the VWAP Bands Indicator
The VWAP Bands Indicator is similar to Bollinger bands, but it uses volume weighted average as the central value of the bands. You can also notice three periods of the bands (red, green and blue).
It fits all kinds of timeframes and currency pairs.
The indicator is displayed in a separate window placed just below the main trading chart.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the VWAP Bands indicator in MT4?
Copy and paste the vwap-bands-indicator.ex4 or vwap-bands-indicator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The VWAP Bands indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
VWAP Bands Indicator Free Download
To download the VWAP Bands Indicator for Metatrader 4 (MT4) for free just click the button below: