PipTick VWAP for the MT4 platform is a special form of the Volume-Weighted Average Price indicator. One of the most used Moving Averages apart from the EMA or Exponential Moving Average is VWAP for its adaptability to recent market changes. Michael Jurnik from the Czech Republic is the developer of this tool, partner at PipTick. They have published 59 products, many of them not having much popularity or ratings.
The initial version of PipTick VWAP MT4 was released on 25th February 2015. It is an old indicator that has received just one review for that time. The latest update was on the 12th of May 2016 to version 1.3 where calculation accuracy has been improved and added some parameters for visuals. This indicator is also available for the MetaTrader 5 platform, both are in the paid category on the MQL5 market.
There are many ways you can use the VWAP and is a part of many trends following systems when combined with other tools. The specifics of this version is that it works in five modes. Moving mode sets the indicator to calculate as the Moving Average, while in Daily mode the VWAP is calculated from day start to the end, thus giving the traders daily range often used in trading. Weekly and Monthly do this for the selected periods and Session Time gives the ability to set a custom period for this calculation.
VWAP will be displayed as a band on the chart and thus it could be used as Bollinger Bands for reversals. Still, the best way to use the tool is for trend following and setting the Risk Management levels such as Take Profit and Stop Loss. There are 3 bands, each of them represents Standard Deviation on different sensitivity. If you combine other Moving Averages you may have a great trade exit system where the cross with the deviation line will signal precise trend exhaustion. The author suggests using the indicator with Price Action or Candle patterns.
The main features of PipTick VWAP are several calculation modes, first, second, and third standard deviation levels, customizable visuals, EA friendly, and is described as fast and reliable. There is also a demo video showing the indicator in action although not much can be concluded from it, it will just plug the lines and the channel and the rest can be used and combined in so many ways.
The settings panel will give you the ability to adjust the input and output parameters. Input parameters are Volume Method (to use real or tick Volume), VWAP mode, MA Period, colors for the lines, and visibility of all the lines for deviations, etc. Output parameters allow you to set the VWAP value, and bottom and top values for the first, second, and third standard deviations. These settings give enough freedom to test and adapt the indicator to the trader’s system and also opens the creativity.
The price of PipTick VWAP is $57 to buy and have 50 activations. Renting starts at $17 for one month and $37 for 3 months. A demo is available and it has been downloaded 959 times at the moment of this review. This shows some popularity but as the reviews and comments go, it Is very low.
PipTick VWAP for MT4 has received only one rating and it is not positive:
“This project seems to be stoped. It hasn’t been updated since 2016 and the developer doesn’t answer questions since 2018.”
The indicator consumes a large amount of CPU if the [Max bars in the chart] in the Options menu has a large value. I’ve proposed a simple solution, but it doesn’t respond, so I can’t use it and I’ve had to uninstall it.” Based on the comments section we have noted the developer did not notice user complains but plans to update the performance issues in version 1.4 soon. In our opinion, the price tag for this simple indicator is too high, not much is done here and this kind of indicator could be found on the internet for free, probably even on the MQL5 marketplace.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/8187