VWAP band STV indicator download for MetaTrader 5 | Forex indicator download - MT4/MT5 resources

The VWAP Volume Based Bands Indicator (VWAP Bands STV) is an analytical tool for MetaTrader 5 designed to identify support and resistance levels .

This MetaTrader5 indicator consists of a VWAP line and the bands around which it is positioned based on trading volume.

VWAP band STV specification sheet

Specifications VWAP band indicator details are shown in the table below.

Indicator Overview

In the volume-based VWAP Bands indicator , the upper and lower bands function similarly to Bollinger Bands . The main difference is that these bands are based on the Volume Weighted Average Price and act as Support and Resistance MetaTrader 5 indicators .

With significantly increased trading volume , this tool can be used to identify key market levels.

Uptrend Conditions

The price chart below shows the GBP/AUD pair in a 5-minute timeframe . When the price approaches or crosses the VWAP lower limit and rebounds upward, it indicates that the price may end selling pressure and increase buying demand .

downtrend conditions

The chart below shows the 15-minute timeframe in the USD/CHF currency pair . When price approaches or crosses the upper VWAP band and moves downward, it provides a sell signal .

Indicator Settings

The figure below shows setting the VWAP band indicator STV :

• Line merging : Line merging
• Type of VWAP : VWAP category
• Volumetric Weight Average Price Period : VWAP Schedule
• Shift : Adjustment
• Price Type : Price category
• Number of standard deviations for the first band : Count of standard deviations for band 1
• Number of standard deviations for the second band : Count of standard deviations for band 2
• Number of standard deviations for band 3 : Count of standard deviations for band 3
• UTC time (actual)/local time (false) : Use UTC time or local time
• Asia Time Zone : Asian region time
• Start Asia Time : Start of Asian time
• End Asia Time : End of Asia meeting
• London Time Zone : UK time region
• Start London Time : London meeting starts
• End London Time : The end of the London meeting
• AM New York Time Zone : New York time morning
• New York morning session starts : New York morning session starts
• End AM New York Time : New York morning meeting ends
• PM New York Time Zone : afternoon New York time
• PM Start New York Time : New York Afternoon Session Begins
• End PM New York Time : New York afternoon meeting ends
• Label : Tag
• Label Color : Tag color
• Text Position : Text alignment
• Line Color : Stroke color
• Line Width : Stroke thickness
• Line Style : Stroke pattern
• Line Back : Background color
• Theme : Theme

Conclusion

The VWAP Bands The STV indicator combines volume-based VWAP with bands to provide trading signals.

These bands act as MT5 support and resistance indicator levels and help identify market trends. They can also provide buy and sell signals for traders.