Modified Volume Weighted Moving Average - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

The volume-weighted moving average is similar to some other weighted averages, except that it uses volume to weight price. In this way, the price when the volume (real-time volume or actual volume) is high is more emphasized than the price when the volume is low.

Select the volume type you want to use for the volume. You can choose:

Use VWMA (Volume Weighted Moving Average) and apply the "correction" method invented by Dr. Alexander Wuerl generated a new "modified" generalized DEMA. It also has floating levels to make it easier to identify trends. The supported shading methods are:

If there is no actual volume from your broker, the indicator will assume that the volume is equal to 1, in which case the average will be the same as the SMA (Simple Moving Average). In all other cases it will depend on the underlying volume. Depending on the color change selection, you can use the color change as a signal.

Attachment download

📎 corr_volume_weighted_ma.mq5 (19.44 KB)

Source: MQL5 #23076