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Volume Zone Oscillator - Floating Levels:
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:
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:
Author: Mladen Rakic