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

Indicators

Volume Zone Oscillator - Floating Levels - indicator for MetaTrader 5

Mladen Rakic | English Русский 中文 Español Deutsch 日本語 Português

Views:
2131
Rating:
votes: 14
Published:
2018.07.19 16:38

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.

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

PS: to have trend determined on a sort of a dynamic zero line, use levels 50 for both up and down. In that case you shall have something like this:

Volume Zone Oscillator Volume Zone Oscillator

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.

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".

QQE New QQE New

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

QQE Histo QQE Histo

Compared to the original QQE indicator, this version is adding fixed levels (to help further estimate the trend) and color changing histogram (based on those levels).