Also shows the previous closing , which is usually very near the HLC3 standard for the previous time frame. i.e. The previous daily closing price is usually near the current Daily . Tickers interact well with the previous Daily and Weekly closing .
Enabling the STDEV bands shows 3 separate standard deviation levels, defaulted at 1, 2, and 3. The lookback period for the bands is always changing with each new bar, since the standard deviation is calculated from the current bar to the beginning of the period. This is different from , as the lookback is constant (usually 20 periods is the textbook default).
The STDEV bands interval of interest can be changed from Day (D), Week (W), Month (M), Quarter (Q), Year (Y).
Tickers tend to bounce very well on Daily, Weekly, and Yearly (Yes... Year). Use this code and observe the Year on several major symbols through the past few years and eyes will be opened.
I have also found that pullback trades (going long after a pullback) while the price is traveling in the upper STD1 - STD2 band have a very high degree of success. These are basically momentum trades. Works the same way when going short.
For most items including the USD based FX pairs there are futures counterparts that generally behave * a little * better with VWAP than the raw spot FX. The same is true of the equity futures like ES1!, YM1!... vs. say SPX500USD or US30USD CFD counterparts.
Sometimes you will see E61! (Euro FX front month futures contract) hit daily, weekly, monthly, etc. VWAP * perfectly * but EURUSD will just miss its own respective VWAP.
As long as volume is proportional from one time instance to the next VWAP will perform correctly. FXCM or OANDA may register that this 1 hour candle had a volume of 5000 and that the next one had 2500. If the real Interbank values were more like 50,000 and 25,000 the VWAP calculation will be identical because the proportional volume is the same.