What is the Volume Weighted Average Price (VWAP)?
The volume weighted average price (VWAP) is a trading benchmark used by traders that gives the average price an instrument has traded at throughout the day, based on both volume and price.
It is important because it provides traders with insight into both the trend and value of the instrument.
What is the Difference between VWAP and AVWAP?
While VWAP is having as starting point the beginning of the day, week, month etc. in the AVWAP you can place it anywhere you like in your chart.
Description of indicator
This indicator provides 6 AVWAP lines. Once loaded into the chart a Label will appear on your screen "No Vertical Lines".
By clicking on the label "No Vertical Lines" the indicator creates 6 dashed vertical lines at the beginning of your chart separated by three bars each and draw the VWAP lines named v1,v2,v3, v4, v5, v6 in six different colors. By moving a vertical line the VWAP line with get automatically updated. By clicking "Delete" all lines will be deleted. By clicking "v1" will delete v1 line only, etc. You can also create the vertical lines one by one by key pressing on the top of your keyboards numbers 1,2,3,4,5 or 6. Press number 1 will create "v1", number 2 will create "v2", etc.. (vertical lines will not be created if they already exist on your chart).
Furthermore, the indicator provides four types of Alerts every time a AVWAP line is crossed.
Every time you click the label the indicator create the 6 vertical lines and/or repositions them at the beginning of the chart if they already exist.
You do not need 6 VWAP lines: just delete the vertical lines you do not need.
You erase by accident a vertical line: just create it manually by pressing the top keyboard keys from 1-6