Weekly VWAP - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

The Weekly VWAP (Volume Weighted Average Price) is a powerful custom indicator carefully designed to provide traders with an important long-term perspective on market activity: The Volume Weighted Average Price, resets at the beginning of each new trading week. Unlike simpler moving averages, VWAP incorporates trading volume directly into its calculations, making the price levels at which large volumes of trading occur more important. This makes it an extremely valuable tool for identifying the true fair value of an asset throughout the trading week.

The indicator accurately calculates the cumulative sum of (price * volume) divided by cumulative volume on a weekly basis and resets automatically at the start of each new weekly trading session. It draws a clear line directly on the chart, easily visualizing how volume has changed relative to price for most of the week.

Why include weekly VWAP in your strategy?

Determining Weekly Fair Value: Insights into the average price at which an asset trades (adjusted for volume) provide a clear baseline for overall sentiment during the week.

Strategic Positioning Analysis: Many professional traders utilize VWAP as a key reference point for longer time frame positions. Sustained price gains above the weekly volume-weighted average price may indicate continued bullish momentum, while prices below may indicate continued bearish control. This provides important insights into strategic entry, exit and position management.

Trend Strength Confirmation: Use the weekly VWAP to confirm the potential strength of a weekly trend. A strong trend usually results in price maintaining its trajectory relative to the weekly volume-weighted average price.

Clear visual representation: Despite the complex calculation, the weekly volume weighted average price appears as a clear line on the chart, ensuring your analysis remains clear and focused.

Main features of this source code:

Weekly Reset: VWAP calculations automatically reset at the start of each new trading week, providing a fresh and relevant perspective on weekly market activity.

Accurate calculation: Use standard MQL5 functions to accurately calculate typical prices and quantities to ensure reliable data.

Clear diagramming: Present clear lines on diagrams for immediate intuitive understanding.

Open Source: Provides the complete MQL5 source code, increasing transparency, promoting learning, and allowing further customization by the trading community.

Attachment download

📎 weekly_vwap.mq5 (9.06 KB)

Source: MQL5 #61091