The MWAP indicator calculates the Volume Weighted Average prices on a custom defined rolling period. This Volume Benchmark indicator will help you to determine not only the trend direction a market is heading but it will also indicator potential daily and multi day volume based support and resistance levels. Volume is leading price and the MWAP indicator can lead you. No matter if you are looking to day trade futures, Stocks or Forex or if you like to detect multi day swing trading setups, this is the right tool for you when it comes to volume benchmark support and resistance.
Beside the main MWAP line the indicator offer the possibility to calculate the positive and negative standard deviation levels of the benchmark volume to give you even more points of interest which can be used for stop or target placements.
The Indicator is NinjaScript ready and can be integrated into your automated strategy.