Watch how to download trading robots for free

Interesting script?
So post a link to it -
let others appraise it

You liked the script? Try it in the MetaTrader 5 terminal


Volume Zone Oscillator - indicator for MetaTrader 5

Mladen Rakic | English Русский 中文 Español Deutsch 日本語 Português

votes: 16
2018.07.19 16:26

Indicator is based on the "In The Volume Zone" article by Walid Khalil and David Steckler.

An axiom of technical analysis states that with few exceptions, all technical indicators can be classified as either trending or oscillating (non-trending) in their design. This new indicator, the Volume Zone Oscillator (VZO), addresses both. In his book Technical Analysis Of The Financial Markets, John J. Murphy explains that using oscillators provides three benefits:

  • Overbought and oversold conditions warn that price trend is overextended and vulnerable.
  • Divergence between oscillator and price action shows hidden strength or weakness in the market, which is not apparent in the price action.
  • The crossing of the zero line can give an important trading signal.

WPR Candles WPR Candles

This indicator is a variation of a well known WPR (Williams Percent Range) indicator with 4 WPR values combined into "candles".

Heiken Ashi Smoothed - Binary Heiken Ashi Smoothed - Binary

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.

Volume Zone Oscillator - Floating Levels Volume Zone Oscillator - Floating Levels

Compared to the Volume Zone Oscillator indicator, this version is additionally using floating levels to determine the trend.


Compared to the original QQE indicator, this version instead of using trailing levels uses fixed levels to estimate overbought and oversold conditions.