Volume-Weighted Average Price with Bands
VWAP is the volume-weighted average price for a futures contract plotted as a line on the price chart. The calculation is the sum of traded volume, multiplied by the price, divided by the sum of the traded volume.
This study has a number of uses. It provides the current volume-weighted average price for the trading day or the trading session.
We have added Standard Deviation Bands to the VWAP indicator. VWAP2 has an upper and a lower band where VWAP3 has two upper and two lower bands. The Standard Deviation Factor of these bands can be set in the parameters.
If you are interested how the programming of this indicator via the toolbox works, please review this article.