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

The SZO (Sentiment Zone Oscillator) indicator shows market sentiment (activity and direction) and areas of excessive activity (overbought/oversold areas). It can show a dynamic channel, trading outside of which is considered unpopular due to the high likelihood of sentiment changes and reversals.

If the indicator lines move out of the channel and simultaneously enter overbought/oversold areas, this could mean that the market trend may change soon. This indicator usually gives advance warning of such possible changes, so it is recommended to use it in conjunction with another confirming indicator.

It has six input parameters:

* The ratio of channel size to indicator range is set in percentage, but cannot be smaller than 50. The value 50 means that the channel has only one level located at the middle 0.0 level of the indicator range.

If you set a value less than 50, the value will automatically change to 100.

Figure 1 Default channel range: 95%

Figure 2 Channel range 50%

Attachment download

📎 szo.mq5 (13.17 KB)

Source: MQL5 #20153