VWAP Plus Indicator
Platform: MT4 Type: Market Levels Last update: September 29, 2024The VWAP Plus Indicator for MT4 is just another variation of the Volume Weighted Average Price indicator. The Plus, in this case, means additional lines that act as dynamic Support Resistance levels. They can also work as Take Profit targets. Nonetheless, the basic principle stays the same. Long trades above the main VWAP line and short trades below the main VWAP line.
How to the vwap plus indicator?
The most important element of VWAP Plus Indicator is the bold aqua line – the main line of that VWAP Plus indicator. Yellow and white lines are its extensions. Detailed instructions are provided below.
Buy Signal
Follow these steps for a long trade:
- Price is located above the main VWAP Plus line (aqua color)
- Price touches it and then rejects it
- Price swings higher from recent low swing
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the last swing low of the market
- Take profit or exit trade at touch of the second or last extension (yellow color), or use your own method of trade exit
Sell Signal
Follow these steps for a short trade:
- Price is located below the main VWAP Plus line (aqua color)
- Price touches it and then rejects it
- Price swings lower from recent high swing
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the last swing high of the market
- Take profit or exit trade at touch of the second or last extension (yellow color), or use your own method of trade exit
