PipTick VWAP

PipTick VWAP is our version of Volume-Weighted Average Price indicator. VWAP is the ratio between the value traded (price multiplied by number of volume traded) and total volume traded over a specific time period. It measures the average price of the instrument much better than the simple moving average. Although there are many ways how to use the VWAP, most investors use it to calculate the daily average.

The indicator works in five modes:

Moving - In this mode the PipTick WVAP works as Moving Average with the specified period.
Daily - In this mode the PipTick VWAP is calculated from the start to end of the day.
Weekly - In this mode the PipTick VWAP is calculated from the start to end of the week.
Monthly - In this mode the PipTick VWAP is calculated from the start to end of the month.
Session Time - In this mode, the user can set the start and end hour for the PipTick VWAP calculation.

How to use the PipTick VWAP indicator?

Many traders use VWAP bands in the same way as Bollinger Bands. You can look around for the reverse trades on the second and third standard deviations from the VWAP. In combination with price action or candle patterns you can achieve very good results. Of course, PipTick VWAP can also be used for benchmarking, as well as many investors are doing.

Main features

Several optional modes
Real and tick volume calculation (MT5)
First, second and third standard deviation from the VWAP
Very fast and reliable indicator
Customizable parameters (Colors, Line thickness, VWAP period...)
Can be used for creating EA (Expert Advisor)
Available for MT4 and MT5

Input parameters

Volume_Method - Allows to choose between tick or real volume
VWAP_Mode - Allows to choose between moving, daily, weekly, monthly and session time mode. (For iCustom function - moving = 0, daily = 1, weekly = 2, monthly = 3 and session time mode = 4)
MA_Period - Period of MA calculation
Session_Start_Hour - Allows to set start hour if the session time mode is set. In other case the parameter is ignored
Session_End_Hour - Allows to set end hour if the session time mode is set. In other case the parameter is ignored
Color_VWAP - Color of the VWAP line
Color_Deviation1 - Color of the first deviation lines
Color_Deviation2 - Color of the second deviation lines
Color_Deviation3 - Color of the third deviation lines
Visibility_VWAP - Allows to enable or disable displaying of VWAP line
Visibility_Deviation1 - Allows to enable or disable displaying of the first deviation lines
Visibility_Deviation2 - Allows to enable or disable displaying of the second deviation lines
Visibility_Deviation3 - Allows to enable or disable displaying of the third deviation lines