Volume Area Oscillator - Floating Levels - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources
Indicator based on "In The Volume Zone" article by Walid Khalil and David Steckler.
The axioms of technical analysis state that, with few exceptions, all technical indicators can be classified as trending or oscillating (non-trending) in their design. This new indicator, the Volume Zone Oscillator (VZO), solves both problems. In his book Technical Analysis of Financial Markets, John J. Murphy explains that using oscillators has three benefits:
In contrast to the Volume Area Oscillator indicator, this version also uses floating levels to determine the trend.
PS: To determine the trend on some kind of dynamic zero line, use level 50 for up and down. In this case you should have something like this:
Attachment download
📎 volume_zone_oscillator_-_fl.mq5 (6.46 KB)
Source: MQL5 #21551
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