Weekly And Monthly VWAP Lines
A daily VWAP is common; a weekly or monthly one is not, even though institutional desks watch both for the same reason - it is the volume-weighted "fair value" the market actually traded at over that window, not just where price happened to close. This indicator plots two lines: a weekly VWAP that resets at the start of every Monday, and a monthly VWAP that resets on the first trading day of every calendar month. Both accumulate typical price weighted by tick volume, which is the honest proxy for traded volume on a forex feed where true exchange volume is not reported. The moment either period rolls over, the level it closed at is not simply discarded. It is frozen as a dotted reference line that starts at the old period's first bar and stretches across the new period, so a trader can see at a glance whether the current week or month is trading above or below where the previous one actually settled on a volume-weighted basis - a level that intraday support/resistance lines usually miss entirely. Both lines and both reference levels recompute from the full loaded chart history on every tick rather than carrying a running total forward. That is simpler and always correct; the trade-off is recalculation cost that scales with total bars, which matters on a deep M1 history and does not matter on the H1-and-above charts this indicator is meant for. Notes and limitations - Volume is tick volume (number of price changes), the only volume figure MQL4 has access to on most forex feeds - it is a proxy for traded volume, not the real figure. - The week boundary is a plain Monday-aligned calendar week in the chart's own timeframe; it does not account for a broker's specific week-open time or a symbol whose trading week does not start Monday. - Recomputes the whole loaded history on every tick rather than keeping a running total, so a very deep intraday history (years of M1 bars, for example) will recalculate more slowly than a daily-only VWAP would. Perfectly usable on H1 and above. - The reference lines only appear once at least one full week or month has completed inside the loaded chart history - there is nothing to freeze before that.
Indicator · MT5 · v1.0 · Free
About Weekly And Monthly VWAP Lines
Weekly And Monthly VWAP Lines is an indicator for MetaTrader 5. It has 4 settings, such as Show prev week, Show prev month and Prev week color. MQL source code included.
Files in the download: HigherTimeframeVwap.ex5, HigherTimeframeVwap.mq5, HigherTimeframeVwap.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Show prev week | true | Draw last week's final VWAP as a reference line |
| Show prev month | true | Draw last month's final VWAP as a reference line |
| Prev week color | clrSilver | Colour of the previous-week reference line |
| Prev month color | clrKhaki | Colour of the previous-month reference line |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: VWAP · Volume · MT5 Indicator · MQL5 Source Code