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:
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
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.
Compared to the Volume Zone Oscillator indicator, this version is additionally using floating levels to determine the trend.QQE New
Compared to the original QQE indicator, this version instead of using trailing levels uses fixed levels to estimate overbought and oversold conditions.