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Published:

2018.12.28 13:09

Updated:

2019.01.17 11:29

VZO.mq5 (13.35 KB) view

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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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VZO - indicator for MetaTrader 5