VZO - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The oscillator Volume Zone Oscillator (VZO) indicates volume relative to the direction of price change for each bar.

It has five tunable parameters:

VZO = (average VP / average trading volume) * 100.0

Average Volume = EMA (Volume, Period)
AvgVP = EMA(VP, period)

Volume - tick volume

An oscillator value of 40 or higher indicates bullish accumulation. -40 and below are bearish accumulations. +/- 20 near zero indicates consolidation or approaching support/resistance levels.
When VZO approaches +/- 60, we should expect the bullish/bearish trend to end. If the move goes against the long-term trend, the likelihood of a reversal is high.

Attachment download

📎 vzo.mq5 (13.35 KB)

Source: MQL5 #22717