VWAP Bands MT5 Forex Indicator Download

Similar to the Bollinger Bands indicator, the VWAP Bands MT5 Forex Indicator calculates values using Volume Weighted Average as the central value of the indicator bands. Additionally, if the symbol and the broker have any real volume at all, you can decide whether to use the tick volume or the actual volume for computation. Additionally, you can decide whether to calculate deviations with or without sample correction.

All timeframes and mt5 currency pairs are compatible with the VWAP Bands MT5 Forex Indicator. It is directly displayed on the primary MT5 trading chart. From the input tab, the default indicator settings can now be changed. Feel free to experiment with the options and settings until it suits your tastes.

How does it work?

Trading Rules Explanation

VWAP Bands mt5 forex Indicator, as you can see, shows three bands on each side. You can enable or disable each of the indicator bands. Any indicator band for which the deviation multiplier is zero will not have its value calculated. View these trading guidelines for the VWAP Bands forex indicator.

Buy Signal

• The overall trend is positive.
• The lower outer band (a thick orange line) is touched by the price.
• Price rejects that level on the chart and moves higher after a recent swing down.
• After the first candle satisfies the aforementioned requirements, a buy-entry trade is initiated.
• Put your stop loss (SL) a few pip(s) below the market’s most recent swing low.
• When the price reaches the opposing band, take a profit or use your preferred method of trade exit.

Sell Signal

• The overall pattern is negative.
• The upper outer band (a thick green line) is touched by the price.
• Price falls lower from a recent high after rejecting that chart level.
• When the first candle satisfies the aforementioned criteria, a sell entry trade is initiated.
• Place your stop loss (SL) a few pip(s) above the market’s most recent swing high.
• When the price reaches the opposing band, take profit (TP), exit, or employ your preferred method of trade exit.

As always, practice good money management to get the best outcomes. You need to grasp psychology, emotions, and discipline in order to be a successful trader. Knowing when to trade and when not to is essential. Trading should be avoided at times and under unfavorable market conditions, such as low volume or volatility, outside of the main sessions, with exotic currency pairs, wider spreads, etc.

Installation Guide

The VWAP Bands.ex5 or VWAP Bands.mq5 indicator files should be copied and pasted into the MQL5 folder of the MetaTrader 5 trading platform after being downloaded from the VWAP Bands.rar archive at the bottom of this post.

The top menu options, which are as follows, can be used to reach this folder:

Insert here by selecting File > Open Data Folder > MQL5 > Indicators.

Visit the left side of your MT5 terminal right now. Locate the gauge name in the Navigator and choose Attach to Chart from the context menu that appears.

It is highly recommended that you include the VWAP Bands indicator to your toolkit for trading. Your chances of success will increase with a reliable forex indicator. But always remember to set reasonable goals. Like any other technical analysis tool, it is not always able to produce reliable signals. As a result, this forex indicator occasionally generates erroneous signals. The state of the market will have a huge impact on how it performs. Feel free to use it as the foundation for your trading strategy. Don’t forget to try out more of our fantastic free forex indicators.