The Description

VWAP stands for Volume-Weighted Average Price, the ratio of the value traded to total volume traded over a particular time horizon (usually one session). It is a measure of the average price a stock traded at over the
trading horizon.

It's calculated by summing the price & volume of each bar or tick, over the entire session, and then dividing that by the sum of the volume for the session.

The VWAP Indicator now has options to draw one or two bands around the VWAP, as well as a variety of options for computing those bands. The options for Band Basis include:

• Variance (CL vs VWAP) - The variance between the closing price and the VWAP line, computed on a cumulative basis from the start of the session.
• 1/4 Days Range - One quarter of the range to that point in the day/session.
• 3 x Avg Bar Range - Three times the average range (hi - lo) of last 20 bars.
• Constant $ Value - A constant $ Value above and below the VWAP.
• Proprietary - This option is a work in progress and currently being kept proprietary.

VWAP = Sum(VOi * CLi, n) / Sum(VOi, n)
VWAP Upper Band = VWAP + Basis * Multiplier

Where:

VOi = Volume of the ith bar of the day
CLi = Closing Price of the ith bar of the day
n = bars into day or session
Basis = band basis specified in the VWAP preferences
Multiplier = band basis multipier specified in the VWAP preferences

The Presentation - more on Charts

Above is the VWAP Indicator applied to a chart showing VWAP with 1 and 2 standard deviation bands. Settings show in preferences below.

The Preferences

• Draw As - Style and color used to draw the VWAP and VWAP bands (if applicable).

• Band Basis - Several different methods are available for computing the bands, including : Variance (CL - VWAP), 1/4 Day Range, 3 x Avg Bar Range, Constant $ Value, Proprietary. These are discussed in further detail in the description below. 
• Bands At - The user can specify 2 different band multipliers, along with the color used to draw the bands at that multiplier.
• VWAP Oscillator - Difference between the close of the bar and the VWAP value.

RTL Token - more on RTL

The RTL Token for the Volume Weighted Average Price is VWAPI (NOT VWAP). To access the upper band, use VWAPIU. To access the lower and, use VWAPID. A signal which detects price crossing above the upper band:
CL.1 <= VWAPIU.1 AND CL > VWAPIU