Price Area Oscillator - Floating Levels - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources
The Price Zone Oscillator is based on the "Enter the Price Zone" article by Walid Khalil and David Steckler.
In a previous article, we introduced a new oscillator that provides better guidance on a security's buying and selling levels: the Volume Zone Oscillator (VZO). This time, we introduce a similar complementary indicator: the Price Zone Oscillator (PZO).
The formula for PZO depends on only one condition: if today's closing price is higher than yesterday's closing price, then the closing price will have a positive value (bullish); otherwise it will have a negative value (bearish).
Compared tothe Price Area Oscillator indicator, this version uses floating levels to find important levels. To get a dynamic zero line, set both levels to 50.
Attachment download
📎 price_zone_oscillator_-_fl.mq5 (6.42 KB)
Source: MQL5 #21608
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