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VZO - indicator for MetaTrader 5
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- 11916
- Rating:
- Published:
- 2018.12.28 13:09
- Updated:
- 2019.01.17 11:29
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Oscillating indicator Volume Zone Oscillator (VZO) indicates volumes as related to the price change direction at each bar.
It has five adjustable parameters:
- Period - calculation period
- Extreme overbought - extreme overbought level
- Overbought - overbought level
- Oversold - oversold level
- Extreme oversold - extreme oversold level
Calculations:
VZO = (AvgVP / AvgVol) * 100.0
where:
AvgVol = EMA(Volume, Period)
AvgVP = EMA(VP, Period)
- If Close > PrevClose
VP = Volume
- otherwise
VP = -Volume
Volume - tick volume
The oscillator value of 40 or higher indicates the bullish accumulation. -40 and below are bearish accumulations. +/- 20 around zero indicate consolidation or approximity to a support/resistance level.
Where VZO is close to +/- 60, we should expect the end of the bullish/bearish movement. If this movement has been opposite to the long-term trend direction, the probability of a reversal is high.
Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/22717
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