VWAP Calculator for ASX Listed Companies
ASX VWAP calculations from every trade, prepared to the Listing Rule 19.12 definition, delivered as a report within 24 hours
Know your pricing date already? Order now for a future date and we deliver once that day's trading closes.
Used by ASX-listed companies including
ASX Regulatory Reminder
ASX Listing Rule 7.1A.3 requires securities issued under an eligible entity's additional 10% capacity to be issued for cash consideration per security of not less than 75% of the volume weighted average market price, measured over the 15 trading days on which trades in that class were recorded immediately before the date the issue price is agreed, or the issue date where the securities are not issued within 10 trading days of that date. Get the window or the excluded trade types wrong and the figure answers a different question.
ASX Guidance for VWAP Calculations
Understanding VWAP requirements for issues under the additional placement capacity (Listing Rule 7.1A, Guidance Note 21) and for performance securities (Guidance Note 19)
Key ASX Requirements and Practice
- Use trading data from both markets the definition names: the ASX market and the Chi-X (now TMX) market
- Calculate VWAP per the Listing Rule 19.12 definition (two markets, six excluded trade types)
- Practice, not a rule requirement: record the window and the exclusion policy behind the figure, so the number can be reproduced. Nothing in the rules or the guidance asks for it
- For an issue under Listing Rule 7.1A, the Appendix 3B prompts the entity to send ASX a completed work sheet, in the form of Annexure C to Guidance Note 21, which asks who was the source of the VWAP calculation
ASX Definition of VWAP
Official ASX Definition (Listing Rule 19.12):
"Volume weighted average price of trading in those securities on the +ASX market and the +TMX market over that period, excluding block trades, large portfolio trades, permitted trades during the pre-trading hours period, permitted trades during the post-trading hours period, out of hours trades and exchange traded option exercises."
Note: until 21 October 2026 the rule read "the Chi-X market" here. It is one market under three names: Chi-X, later Cboe Australia and, from 3 August 2026, TMX Australia Exchange, run by the same licensed company throughout.
None of the six excluded categories is defined in the Listing Rules. Five take their meaning from an ASIC market integrity rules instrument; the sixth, exchange traded option exercises, is excluded without the definition pointing anywhere for its meaning.
ASX Guidance Note 21
Placements & Capital Raisings
Under Listing Rule 7.1A.3, securities issued under an eligible entity's additional 10% capacity must be issued for cash consideration per security of not less than 75% of the volume weighted average market price. The window is the 15 trading days on which trades in that class were recorded immediately before the date the issue price is agreed (or the issue date, where the securities are not issued within 10 trading days of that date), which is narrower than the last 15 trading days. For an issue under rule 7.1A, the Appendix 3B prompts the entity to send its ASX Listings Compliance adviser a completed work sheet, in the form of Annexure C to the guidance, stating the pricing date, the pricing period and the VWAP. The guidance then separately asks the entity to identify the source of its VWAP calculation (Guidance Note 21). Guidance Note 19 covers how ASX applies the Listing Rules to performance securities, where a milestone can be set off a VWAP.
Because the rule fixes the method but not the data source, recording the window, the venue basis and the exclusion policy is what makes the figure reproducible by someone else.
✓Markets named in Listing Rule 19.12
- ASX market trades
- Chi-X (now TMX) market trades
✗The six excluded trade types
- Block trades
- Large portfolio trades
- Permitted trades during the pre-trading hours period
- Permitted trades during the post-trading hours period
- Out of hours trades
- Exchange traded option exercises
The rulebook's stated reason for the exclusions is that these trade types are not necessarily representative of market trading (Listing Rule 19.12)
Official sources for ASX VWAP rules
The Listing Rules, ASX guidance and ASIC rules that define the VWAP, set the windows and floors that price off it, and give the excluded trade types their meaning. Each link opens the official document.
ASX Listing Rules, Chapter 19
Defines the volume weighted average market price: trading on the ASX market and the TMX market (until 21 October 2026 the rule said the Chi-X market), excluding six trade types.
ASX Listing Rules, Chapter 7
Sets the placement floor for the additional 10% capacity: at least 75% of the VWAP over the 15 trading days on which trades were recorded.
ASX Listing Rules, Chapter 10
Lets related parties take part in a share purchase plan without a holder vote if the issue price is at least 80% of the VWAP over the last 5 days on which sales were recorded.
The restrictions on issuing equity securities in Chapter 7
Explains the Chapter 7 placement limits. For an issue under rule 7.1A, its Annexure C work sheet asks for the VWAP and the source of that calculation.
Performance securities
Recommends that a share price hurdle on a performance security be based on the VWAP over a reasonable period, not the price on a single date.
ASIC, made under section 798G of the Corporations Act 2001
Where block trades, large portfolio trades and the pre-trading, post-trading and out of hours periods are now defined. They replaced the 2011 Competition rules that Listing Rule 19.12 still names.
All ASX Listing Rules and Guidance Notes are also listed on the ASX Listing Rules page. Listing Rule 19.12 named the Chi-X market until 21 October 2026 and now names the TMX market, the same market, and its operating rules record that the licensed company behind it did not change.
Five Common VWAP Calculation Errors
Avoid these common mistakes that can lead to regulatory issues
1. Incorrect Time Period
Using wrong start/end dates or excluding relevant trading periods can significantly skew VWAP calculations.
2. Incorrect Market Coverage
Listing Rule 19.12 gives the volume weighted average price of trading on two markets, the ASX market and the Chi-X (now TMX) market. A figure built from one market's trading alone is not the defined figure.
3. Flawed Calculation Logic
Flawed calculation logic such as not using tick level data and using daily data instead.
4. Including Prohibited Trades
Leaving in any of the six trade types Listing Rule 19.12 excludes: block trades, large portfolio trades, permitted trades during the pre-trading hours period, permitted trades during the post-trading hours period, out of hours trades and exchange traded option exercises.
5. Poor Audit Trail
Inadequate documentation of data sources, methodology, and calculation steps.
Minimize Your Risk
Order a VWAP report and you get the figure with its window, its venue basis, its exclusion policy and the workings written down, so someone else can reproduce it.
Looking for a VWAP calculator?
An online VWAP calculator or a spreadsheet built from daily data will produce a number, but not the number the ASX Listing Rules define. The Listing Rule 19.12 definition works from every individual trade across both markets with six trade types excluded, and a daily summary has no individual trades left to identify or exclude. The two methods give different figures on the same days of trading, and the gap can move a placement floor by whole cents.
Most online VWAP calculators use the typical price: (High + Low + Close) ÷ 3 for each period, multiplied by that period's volume. That is a charting approximation. It assumes each period's volume traded at one blended price, and because it never sees an individual trade, it cannot remove the trade types the ASX Listing Rules exclude.
VWAP = Σ(Price × Volume) ÷ Σ Volume
Where:
- Price: the executed price of each individual trade
- Volume: the number of shares in that trade
- Σ: the total across every eligible trade in the window, on both the ASX and Chi-X (now TMX) markets
How to calculate an ASX VWAP
- Collect every trade in the window from the trade-by-trade record, on both markets.
- Remove the six trade types Listing Rule 19.12 excludes, such as block trades and trades outside normal hours.
- Multiply each remaining trade's price by its volume and add them up.
- Divide that total by the total volume of the same trades.
Two trading days show where calculators go wrong with it:
| Day | VWAP | Volume | Value traded |
|---|---|---|---|
| 1 | $1.00 | 1,000,000 | $1,000,000 |
| 2 | $1.20 | 200,000 | $240,000 |
| Total | 1,200,000 | $1,240,000 |
The two-day VWAP is $1,240,000 / 1,200,000 = $1.0333. Average the two daily VWAPs instead and $1.00 and $1.20 average to $1.10. Day 2 carried one sixth of the volume and the shortcut gave it half the say, and at the 75% placement floor under rule 7.1A.3 those two figures produce minimum issue prices five cents apart on the same two days of trading.
We run the rule's calculation for you. Send the security and the date window, and we calculate the VWAP from every eligible trade and deliver a report with the figure, the formula, the data it ran on and the trades excluded, within 24 hours for $99.
Common questions
Can I calculate a VWAP in a spreadsheet?
You can, and done properly it reproduces the trade-level answer exactly: one weighted division over the whole window, never an average of the daily column. The catch is that the two columns have to describe the same trade set, with the excluded trade types already out, and nothing on the face of the table tells you which you have.
Can I average the daily VWAP column?
No. A VWAP over a window is one division over the whole window, not an average of averages. Averaging daily figures gives each day an equal vote, which is an assertion that every day traded the same volume, and the days that break the assumption hardest are the ones around announcements.
Why is my VWAP different from someone else's?
A VWAP is a property of a security plus four choices: the window, the venue set, the exclusion policy and the source of the data. Change any one and the figure changes, and none of the four is visible on the face of the result, which is why two careful people can produce different numbers and both be right.
Is the typical price method the same as the ASX VWAP?
No. The typical price, (High + Low + Close) ÷ 3, blends each period into one price and weights it by that period's volume. The ASX Listing Rule 19.12 VWAP uses the actual price of every trade and leaves out six trade types, which a typical price has no way to see.
What data does a rule-standard calculation need?
Time and sales data covering both markets, with price, volume, timestamp and condition codes on every row, and a documented policy for turning those codes into exclusions. Confirm the condition-code column is actually present before trusting a clean-looking result, because an export without one will look tidy and be wrong.
VWAP guides
The reference series on VWAP for ASX-listed companies: definitions, calculation, exclusions, and the rules that price off it.
VWAP: the volume-weighted average price of a security over a period. How it differs from a simple average and the close, and why ASX defines it.
Six trade types are excluded from an ASX VWAP under Listing Rule 19.12, none defined by ASX itself. What each category catches and how to spot it in data.
Six recurring VWAP errors: averaging daily figures, leaving in excluded trades, wrong windows, corporate actions inside the window, and unsourced figures.
Service Levels & Pricing
Choose the delivery timeframe that meets your requirements
Standard Service
Professional VWAP report delivered within 24 hours
- Prepared to the Listing Rule 19.12 definition
- Professional PDF report
- Excel spreadsheet with data
- Complete audit trail
*Price includes GST
Express Service
Priority service with 3-hour express delivery
- Prepared to the Listing Rule 19.12 definition
- Professional PDF report
- Excel spreadsheet with data
- Priority processing
*Price includes GST
Volume Pricing Available
Order multiple reports in a single transaction. Each additional report uses the same pricing structure.
Order Professional VWAP Report
Complete the form below to order a VWAP report calculated on the Listing Rule 19.12 definition
The End Date can be in the future. Order ahead for a placement pricing date, a director dealing or an AGM, and we deliver the report after trading closes on that day.
Sample VWAP Report
See what you'll receive with our professional VWAP calculation service
Report Features
- Listing Rule 19.12 methodology
Calculated per the Listing Rule 19.12 VWAP definition
- Complete Audit Trail
Every tick trade and calculation step documented
- Excel Spreadsheet Included
All input data and workings provided for verification
- Professional Format
Suitable for corporate communications and regulatory submissions
Sample Report Contents
• The VWAP figure, with total volume, total value and the daily averages behind it
• Trading period overview: period low and high, opening and closing price
• Calculation formula and the data parameters it was run on
• The six Listing Rule 19.12 exclusion categories applied
• The rules and guidance the calculation was prepared against
What You'll Receive
Professional PDF Report & Excel Workings
Professional Report
Complete Data & Calculations
Sample Report Preview
Sample Company Limited (ZZZ)
Period: 01 July 2026 to 31 July 2026
Exchange: ASX market and Chi-X (now TMX) market
VWAP Result
Volume Weighted Average Price
11,183,681 shares
$54,062,847.11
23 days
486,247 shares
About VWAP.com.au
Professional financial services with complete transparency
Our Company
VWAP.com.au is operated by Riverstone Corporate Pty Ltd T/AS VWAP.com.au, an Australian company specialising in volume weighted average price calculations for ASX-listed entities.
We calculate VWAP on the Listing Rule 19.12 definition for ASX-listed companies and their advisers, for placements under the additional capacity in rule 7.1A, share purchase plans, performance securities and other situations where a VWAP sets a price or a hurdle.
Every report states the window, the markets included, the excluded trade types and the data behind the figure, so the number can be checked and reproduced. We do not give legal or financial advice, and the report does not certify compliance with any rule; that judgment stays with the entity and its advisers.
Company Details
Company Name: Riverstone Corporate Pty Ltd T/AS VWAP.com.au
ABN: 42 883 208 403
Registered Office: 2/158 Cambridge Street, West Leederville, WA 6007
Contact: info@vwap.com.au
Our Team
Jason Davis
Director & Investment Manager
20+ years' experience in financial markets across advisory, research, and management roles. Specialist in systematic trading strategy design and corporate advisory.
Ryan Hart
Investment Manager / Financial Analyst
10+ years' experience in portfolio management, stockbroking, and equity research. Background in audit and accounting with expertise in portfolio management, investment research, and operational oversight.
Contact Us
Get in touch for questions about our VWAP calculation services
info@vwap.com.au
We typically respond within 2 business hours
Address
2/158 Cambridge Street
West Leederville WA 6007
Australia