VWAP Scanner

In the fast-paced world of financial markets, traders are constantly seeking tools and indicators that can provide them with an edge. One such tool that has gained significant popularity among traders is the VWAP (Volume Weighted Average Price) indicator. It offers valuable insights into market trends and potential entry and exit points. The VWAP Scanner, a multi-timeframe and multi-symbol dashboard and alert system, takes the power of the VWAP indicator to the next level. In this in-depth review, we will explore the various aspects of the VWAP Scanner and how it can be used effectively to enhance your trading strategy.

VWAP Scanner
VWAP Scanner

Introduction to the VWAP Scanner

The VWAP Scanner is a robust trading tool designed to help traders identify and capitalize on trading opportunities based on the VWAP indicator. What sets it apart is its ability to operate across multiple timeframes and symbols simultaneously. This makes it suitable for a wide range of trading strategies, from day trading to swing trading and even long-term investing. Let’s delve deeper into the features and benefits of this powerful tool.

Installation and Setup

To start using the VWAP Scanner, traders need to follow a straightforward setup process:

Symbol List

Begin by creating a text file containing the names of the symbols you wish to monitor. Each symbol should be separated by a comma. This list should be saved under the “Terminal\MQL4\Files” directory in your MetaTrader 4 (MT4) platform.

Scanner Inputs

The VWAP Scanner provides various customizable inputs, allowing traders to tailor its behavior to their preferences. These inputs include:


Specify the name of the text file that contains the list of symbols.


Set the frequency at which the scanner will check for trading opportunities. This can be configured based on your trading style and preferences. For example, a value of 3 would mean the scanner checks every 3 seconds.


Choose whether the scanner should check for trading opportunities after a candle closes. Enabling this option ensures that the scanner evaluates the VWAP indicator on closed candles.

VWAP Indicator Properties

The VWAP Scanner allows you to customize the VWAP indicator properties to suit your trading needs. These properties include:


Specify the name of the VWAP indicator in your MT4’s Indicator Folder. By default, it should be named “VWAP.”

VWAP_Show_Daily, VWAP_Show_Weekly, VWAP_Show_Monthly

Choose whether you want the scanner to evaluate the VWAP indicator on daily, weekly, or monthly timeframes. This flexibility enables traders to adapt the tool to different trading strategies.

Timeframes Properties

The scanner offers the flexibility to enable or disable specific timeframes according to your trading strategy. This ensures that you focus on the timeframes that are most relevant to your trading style. Options include M1, M5, M15, M30, H1, H4, D1, W1, and MN1.

User-Friendly Dashboard

The VWAP Scanner boasts a user-friendly dashboard that simplifies the process of monitoring multiple symbols and timeframes. Rather than juggling multiple charts, traders can run the dashboard on a single chart and observe candlestick patterns for all selected symbols and timeframes simultaneously. This feature not only streamlines the trading process but also saves valuable time for traders who would otherwise need to switch between numerous charts.

Alerting System

One of the standout features of the VWAP Scanner is its versatile alerting system. Traders can enable multiple alert types simultaneously, including:

Show Pop Up Alert

These alerts display a notification window when a scanner alert is triggered, ensuring traders are promptly informed of potential opportunities.

Send Push Notification

Traders can receive push notifications on their mobile devices when an alert is generated by the scanner. This feature keeps traders updated even when they are away from their trading stations.

Send Email

For traders who prefer to receive alerts via email, the scanner can be configured to send email notifications when trading opportunities arise. This ensures that traders stay connected to the markets even when they are not actively monitoring their screens.

Performance Considerations

It’s important to note that the VWAP Scanner is designed to run efficiently on most trading setups. On an average PC, it can smoothly handle 40 symbols across all nine timeframes. However, traders can expand their symbol list by reducing the number of monitored timeframes. Additionally, the initial loading of historical data for all selected symbols and timeframes may take some time if there are numerous symbols in the market watch. For quicker updates, traders are encouraged to use the scanner on more volatile symbols like EURUSD and BTCUSD.

Practical Applications of the VWAP Scanner

The VWAP Scanner offers a multitude of practical applications for traders, helping them make informed trading decisions across various market conditions:

1. Trend Identification

Traders can use the VWAP indicator to identify the prevailing trend in the market. When the price consistently remains above the VWAP, it suggests a bullish trend, whereas prices below the VWAP indicate a bearish trend. This information can be invaluable for traders looking to align their positions with the current market sentiment.

2. Entry and Exit Points

VWAP crossovers serve as potential signals for entry and exit points. A security crossing above the VWAP may be seen as a buying opportunity, while a cross below could indicate a selling opportunity. This technique can be particularly useful for day traders and swing traders seeking to capture short to medium-term price movements.

3. Intraday Reversion Strategies

Traders often use the VWAP as a reference point to identify price extremes during the trading day. Deviations from the VWAP can signal potential reversion opportunities. For example, if a stock’s price deviates significantly below the VWAP, traders may anticipate a price reversion back to the average. This approach can be employed to capture intraday price fluctuations.

4. Market Participation Assessment

The VWAP, when combined with volume analysis, enables traders to assess the level of market participation in a move. When higher trading volumes accompany a price movement above or below the VWAP, it can indicate a strong trend. Traders can use this insight to gauge the strength of a trend and adjust their trading strategies accordingly.


In conclusion, the VWAP Scanner is a comprehensive and flexible tool that empowers traders with valuable insights into market trends and trading opportunities. Its multi-timeframe and multi-symbol capabilities, combined with a user-friendly dashboard and versatile alerting system, make it a valuable addition to any trader’s toolkit. Whether you are a beginner looking to simplify your trading process or an experienced trader seeking to refine your strategies, the VWAP Scanner offers the tools and features necessary to succeed in today’s dynamic financial markets.

By effectively utilizing the VWAP indicator, traders can enhance their trading decisions and potentially improve their overall trading performance. The scanner’s ability to provide real-time alerts across multiple symbols and timeframes ensures that traders never miss out on lucrative trading opportunities. With the VWAP Scanner at your disposal, you can take your trading to the next level and gain a competitive edge in the ever-evolving world of financial markets.

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