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HomeForex MT4 IndicatorsVWAP Plus Indicator

VWAP Plus Indicator

Introduction to the VWAP Plus Indicator

The VWAP Plus Indicator 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.

The VWAP Plus Indicator is suitable for small timeframes (like M5, M15, or M30) but fits all kinds of and currency pairs. It is displayed directly on 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 does it work? How to apply in trading?

Trading Rules Explanation

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

VWAP Plus Indicator Example of Buy Trade

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

VWAP Plus Indicator Example of Sell Trade

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the VWAP Plus indicator in MT4?

Installation Guide

Download the VWAP Plus.rar archive at the bottom of this post, unpack it, then copy and paste the VWAP Plus.ex4 or VWAP Plus.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.

Bottom Line

The VWAP Plus indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, 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.

Download Free Forex MT4 VWAP Plus Indicator

To download the VWAP Plus Indicator for Metatrader 4 (MT4) for free just click the button below:

VWAP Plus Indicator Free Download

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