Sentiment Zone Oscillator - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources
This version has some deviations compared to the original Mood Zone Oscillator.
The original is described in Walid Khalil's article "Harnessing Extreme Emotional Zone Oscillators" in the May 2012 issue of TASC:
The Sentiment Zone Oscillator (SZO) is a leading inverse oscillator that measures extreme sentiment for a single market or stock.
It measures and defines two extremes: bullish (excessive optimism) and bearish (excessive pessimism), which can lead to changes in sentiment and ultimately the trend of the time frame studied.
However, since the original mood zone oscillator was "too tight", this version introduces some additions:
If you do not use price smoothing (price smoothing period set to <=1) then you will get a raw sentiment area oscillator, but it is recommended to use at least mild price filtering to get any kind of usable signal.
Attachment download
📎 sentiment_zone_oscillator.mq5 (45.29 KB)
Source: MQL5 #17212
Sentiment Area Oscillator - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resource Usage and Screening Suggestions
Sentiment Area Oscillator - MetaTrader 5 Script | Trading Script Download - MT4/MT5 resources are trading script related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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