The VWAP Custom Position indicator for Metatrader 5 is a popular technical analysis tool that provides buying and selling trade opportunities to Forex traders.
VWAP stands for Volume Weighted Average Price.
How does it work?
- The magenta colored VWAP arrow is a buy signal.
- The blue colored VWAP arrow is a sell signal.
The indicator allows customizing the following settings and parameters: VWAP ID, price calculation method, VWAP color, arrow size, arrow anchor point.
The VWAP Forex indicator should work equally well for any trading instrument that supports the MT5 trading platform.
Please make yourself familiar with this technical tool and test it first on a demo account before using it in a real trading account.
Its overall performance will vary depending on market conditions, remember to have realistic expectations.
Download Indicator 🆓
VWAP_Custom_Position.mq5 Indicator (MT5)
Chart Example
The following chart shows what the VWAP Custom Position indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The VWAP Custom Position Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is confirmed when the magenta colored VWAP arrow appears in the chart.
- Initiate a buy transaction and add a stop order below the most recent support zone.
- Exit the buy trade for a risk to reward ratio of at least 1.5, or wait for the VWAP sell signal arrow.
Sell Signal
- A sell signal is confirmed when the blue colored VWAP arrow appears in the chart.
- Initiate a sell transaction and add a stop order above the most recent resistance zone.
- Exit the sell trade for a risk to reward ratio of at least 1.5, or wait for the VWAP buy signal arrow.
Download Now 🆓
VWAP_Custom_Position.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the VWAP_Custom_Position.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration