OPEN-SOURCE SCRIPT
Indicators: Volume Zone Indicator & Price Zone Indicator
Volume Zone Indicator (VZO) and Price Zone Indicator (PZO) are by Waleed Aly Khalil.
Volume Zone Indicator (VZO)
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VZO is a leading volume oscillator that evaluates volume in relation to the direction of the net price change on each bar.
A value of 40 or above shows bullish accumulation. Low values (< 40) are bearish. Near zero or between +/- 20, the market is either in consolidation or near a break out. When VZO is near +/- 60, an end to the bull/bear run should be expected soon. If that run has been opposite to the long term price trend direction, then a reversal often will occur.
Traditional way of looking at this also works:
* +/- 40 levels are overbought / oversold
* +/- 60 levels are extreme overbought / oversold
More info:
drive.google.com/file/d/0Bx48Du_2aPFncEM3dHhyaWtTdjA/edit?usp=sharing
Price Zone Indicator (PZO)
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PZO is interpreted the same way as VZO (same formula with "close" substituted for "volume").
Chart Markings
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In the chart above,
* The red circles indicate a run-end (or reversal) zones (VZO +/- 60).
* Blue rectangle shows the consolidation zone (VZO betwen +/- 20)
I have been trying out VZO only for a week now, but I think this has lot of potential. Give it a try, let me know what you think.
Volume Zone Indicator (VZO)
------------------------------------------------------------
VZO is a leading volume oscillator that evaluates volume in relation to the direction of the net price change on each bar.
A value of 40 or above shows bullish accumulation. Low values (< 40) are bearish. Near zero or between +/- 20, the market is either in consolidation or near a break out. When VZO is near +/- 60, an end to the bull/bear run should be expected soon. If that run has been opposite to the long term price trend direction, then a reversal often will occur.
Traditional way of looking at this also works:
* +/- 40 levels are overbought / oversold
* +/- 60 levels are extreme overbought / oversold
More info:
drive.google.com/file/d/0Bx48Du_2aPFncEM3dHhyaWtTdjA/edit?usp=sharing
Price Zone Indicator (PZO)
------------------------------------------------------------
PZO is interpreted the same way as VZO (same formula with "close" substituted for "volume").
Chart Markings
------------------------------------------------------------
In the chart above,
* The red circles indicate a run-end (or reversal) zones (VZO +/- 60).
* Blue rectangle shows the consolidation zone (VZO betwen +/- 20)
I have been trying out VZO only for a week now, but I think this has lot of potential. Give it a try, let me know what you think.
Script open-source
In pieno spirito TradingView, l'autore di questo script lo ha pubblicato open-source, in modo che i trader possano comprenderlo e verificarlo. Un saluto all'autore! È possibile utilizzarlo gratuitamente, ma il riutilizzo di questo codice in una pubblicazione è regolato dal nostro Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.
Vuoi usare questo script sui tuoi grafici?
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
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