VWAP Oscillator Indicator for MT4 and MT5

Written by Dominic Walsh · Published 14 Jul 2026 · Last updated 9 Sep 2026

Take the name with a pinch of salt. The vwap oscillator indicator draws a single volume weighted average price line directly on the price chart, and no oscillator pane exists in the source. What it does draw is genuinely useful: the average price every tick actually traded at.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	1: VWAP
Alerts	popup, push notification, email, sound
Inputs	7

What the VWAP Oscillator Indicator draws on the chart

One plot, on the price chart.

`VWAP` runs sandy brown across the candles.

The line sits among price, not below it.

No second line and no marks appear.

Nothing is drawn in a separate pane.

`ResetDaily` decides where the line restarts.

• VWAP: plot, sandy brown

How the VWAP Oscillator Indicator calculates its values

Weighting by activity

Two running totals do it. Typical price times volume accumulates in one. Volume alone accumulates in the other. Dividing gives the weighted average.

Which volume

Tick volume, since spot forex has no central exchange figure. That counts price changes rather than contracts, which tracks activity closely enough for this purpose.

The daily reset

`ResetDaily` `true` clears both totals at each new session. Without it, the totals run from the start of the chart and the line stops responding to anything recent.

How to read the signals

The line is the average price weighted by activity.

Price above it means buyers paid over today’s average.

Price below means the opposite.

The line firms up as the session accumulates volume.

Early in a session it moves quickly.

A cross of the line is the event worth alerting on.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

`EnableAlerts` heads the cross alerts and ships true with `EnablePopup`. Turn on `EnablePushNotify` for a phone, `EnableEmail` for mail, or `EnableSound` to play `SoundFile`. A close crossing the line reports once a bar.

Every VWAP Oscillator Indicator input

Core settings

Setting	What it does	Default
ResetDaily	Restart the totals each session, `true`.	on

Alert settings

Setting	What it does	Default
EnableAlerts	Master switch, `true`.	on
EnablePopup	Box in the terminal, `true`.	on
EnablePushNotify	Buzz on a phone, `false`.	off
EnableEmail	Mail on a cross, `false`.	off
EnableSound	Cue on a cross, `false`.	off
SoundFile	Which clip plays, `”alert.wav”`.	alert.wav

Settings that fit your chart

A daily reset means the line needs a session with several bars in it. EURUSD H1 is the reference chart. The line settles by mid morning there. On M5 you watch it form all day. On daily bars the reset makes it meaningless.

When the VWAP Oscillator Indicator fails

The name promises an oscillator the source does not carry.

Tick volume is a proxy, not real traded volume.

Early session values swing on very little data.

With the reset off, the line freezes over time.

Copy the compiled VWAP Oscillator Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Download the VWAP Oscillator Indicator for MT4 and MT5

The zip holds the compiled VWAP Oscillator Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Is there an oscillator pane in this build?

No. The source declares a single plot drawn on the price chart, and no separate window appears anywhere in it. The name oversells what ships, so expect one line among the candles.

What does ResetDaily true prevent?

A line that stops moving. Without the reset both running totals accumulate from the start of the chart, and after a few thousand bars a new one barely shifts the average at all.

Which volume does the VWAP plot use?

Tick volume, because spot forex has no central exchange figure. It counts price changes rather than contracts traded, which tracks activity well enough for weighting but is not the real thing.

Why does the VWAP plot swing after a reset?

Because the running totals are still small. A handful of bars carry all the weight once `ResetDaily` clears them, so each new bar shifts the average noticeably until volume builds up.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the VWAP Oscillator Indicator as one input. Always backtest before trading live.