This indicator is a variation of a well known WPR (Williams Percent Range) indicator.
It is calculating a sort of 4 WPR values:
Those 4 values are then combined into "candles". The calculation is not using the original WPR calculation. Instead it is adjusted to be able to calculate these 4 values. As a result 2 significant levels are now available.
That way, by observing the levels, possible overbought and oversold states can be assessed.
Unlike the Heiken Ashi Smoothed, this indicator is displaying 2 values only: +1 for trend up and -1 for trend down, thus making it suitable for usage from experts.Heiken Ashi Smoothed
Instead of using "raw" prices" for calculations, Heiken Ashi Smoothed indicator is using smoothed/filtered/averaged prices instead.
Volume Zone Oscillator indicator is based on the "In The Volume Zone" article by Walid Khalil and David Steckler, and can be classified as both trending and oscillating (non-trending) in its design.Volume Zone Oscillator - Floating Levels
Compared to the Volume Zone Oscillator indicator, this version is additionally using floating levels to determine the trend.