Is VWAP the same as a volume-weighted moving average?

VWAP is not the same as a volume-weighted moving average (VWMA); they share volume weighting but differ in calculation, anchor, and purpose.

VWMA is an N-period moving average of the closing price weighted by volume, while VWAP takes into account high, low, and closing prices and is anchored to a specific session and weighted by trading volume.

Unlike VWAP, VWMA is a continuous calculation that drops older data over time.

VWAP is built for intraday execution and fair-value reads; VWMA functions like a volume-aware moving average for trend confirmation across any timeframe.