Anchored VWAP — the volume-weighted fair price

• The VWAP line is the auction's volume-weighted mean since the anchor. Price above = buyers are paying a premium to fair value; below = a discount. Mean-reversion traders fade the extremes; trend traders use it as dynamic support/resistance.
• The σ bands (±1 standard deviation, dashed) are the envelope most volume stays inside. A tag of +1σ that rejects is a responsive sell; an open and hold beyond it is initiative — the move has conviction.
• The anchor matters. Session VWAP (today's open) is the day-trader's reference; anchoring to a high-volume swing or a CPI print measures acceptance since that event specifically.
• Confluence. VWAP that lines up with a volume-profile POC or a footprint imbalance is a level twice-confirmed — passive value and aggressive value agreeing.

• Anchor — intraday timeframes anchor at the start of the most recent UTC day (session VWAP); daily and above anchor at the series start. The anchor is derived from the bar spacing, no hidden state.
• Typical price — each bar contributes (high + low + close) / 3 weighted by its volume: VWAP = Σ(tp · vol) / Σ(vol) accumulated forward from the anchor.
• σ bands — volume-weighted standard deviation of typical price about the running VWAP: σ = √(Σ(tp²·vol)/Σvol − VWAP²), bands at VWAP ± σ. The same single-pass accumulation the open-source perplog-core::orderflow::vwap crate is unit-tested on.
• No volume, no line — bars without volume are skipped; if the feed carries none, Perplog draws nothing rather than faking a price-only average. Honest epistemics.

Pin your fills on the VWAP and the discipline question answers itself: did you buy below VWAP (value) or chase a +1σ extension (the crowd)? Over a hundred trades, the journal turns 'I think I overpay' into a measured edge — your average entry versus VWAP, per playbook. The line is everyone's; the scorecard against it is yours alone.