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Volume Zone Oscillator

Volume analysis is a key component of analyzing and predicting the future direction of an asset. This leads many technical analysts to build trading tools that try to use the advantage of volume in their trading decisions.

At Technical Analysis of Stocks and Commodities Magazine Issue May 2011 Mr. Walid Khalil, MFTA, CFTe, CETA introduced his Volume Zone Oscillator (VZO) as a component of his trading system.

VZO depends on calculations of close and volume. If today’s closing price is higher than yesterday’s, then the volume will have a positive value (bullish). Otherwise, it will have a negative value (bearish).


  • Users can switch between both Ordinary and Dynamic levels.
  • Buy, Sell arrows to help identifying VZO oversold, overbought signals.
  • Sound, email alerts depending on user choice.
  • Well-designed style that user can control.

Most Important Settings

  • VZO_Bars: Number of bars or candles used in calculation (default is 14 bars).
  • VZO_Price: Price used in calculation (Open, High, Low...) (default is Close).
  • Level_Style: Switch between using ordinary Fixed Levels and Dynamic Levels.
  • DynamicLvl_Bars: Number of bars used in calculating dynamic levels.
  • DynamicLVL_Percent_1: Percent used in calculating first and last dynamic levels.
  • DynamicLVL_Percent_2: Percent used in calculating second and fourth dynamic Levels.
  • Show_Signal: Choose to show or hide VZO Signals.
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