Volume Zone Oscillator

Modified on Wed, 17 May 2023 at 11:54 AM

The Volume Zone Oscillator is based on the articleIn The Volume Zone” by Walid Khalil and David Steckler.

The technical analysis axiom states that all technical indicators can be classified as trending or non-trending, with a few exceptions. The Volume Zone Oscillator (VZO) indicator meets both of these characteristics.

John Murphy explains that the usage of oscillators gives three benefits:

  • Overbought and oversold conditions warn that the trend isweakening.
  • Divergence between the oscillator and the price action revealshidden strength or weakness in the market, which is not always obviouswhen analysing the price action only.
  • Crossing the zero line can give an important trading signal.

The indicator view in the chart.

The indicator has the following parameters:


Period - setting of the weighted moving average short period.


Panel/Moving average period - selection of the indicator location in the chart:

  • New panel
  • Chart


Show value - display of the indicator value on the price scale on the left.

Scale/Auto-scaling - if this option is on, the scale will be automatically calculated, based on the minimum and maximum indicator values, so that the indicator would fit in the chart.

Color - color setting of the indicator.

Visual type - visual setting of the indicator display in the chart:

  • Line
  • Histogram
  • Hash
  • Block
  • Cross
  • Square
  • Dots
  • Up arrow
  • Down arrow
  • Axis label
  • Hide

Line style - setting of the line display style:

  • Solid
  • Dash
  • Dash - dot
  • Dash - dot - dot

Width - setting of the indicator line width.

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