oscillating indicator volume zone oscillator (vzo) indicates volumes as related to the price change direction at each bar.
V olume zone osillator vzo is a technical indicator analyzing volume changes in relation to certain levels zones. Of course forex volumes can be less accurate comparing to stock volume without the centralized exchange.
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this new indicator, the volume zone oscillator (vzo), addresses both. In his book technical analysis of the financial markets, john j. Murphy explains that using oscillators provides three benefits overbought and oversold conditions warn that price trend is overextended and vulnerable.
the main idea of the vzo was to try to change the obv to look like an oscillator rather than an indicator, also to include time primarily to identify which zone the volume is located in during a specific period how to read this indicator positive reading - bullish negative reading - bearish -60 or 60 is seen as the limit of the oscillator range, and a pullback should be expected from there.
Vzo is a leading volume oscillator that evaluates volume in relation to the direction of the net price change on each bar.
in the 2009 international federation of the technical analysis journal walid khalil introduced the volume zonal oscillator (vzo), and joined david steckler in a follow-up article in stocks and goods magazine technical analysis published in may 2011. The articles present an indicator of cash flow with simple triggers and close links to balance volumes (obv).
I coded some indicators in the python programming language, which scrape retail-sentiment data from different sources and put them into mt4. It is like an orderbook in realtime, where at the current price and history all positions were shown.