OPEN-SOURCE SCRIPT

Volume Zone Oscillator and Price Zone Oscillator (VZO/PZO)

10 421
Credits go to NeoButane as basis is taken from his open-source code and I modified it - changes described below.

Usage:
Positive -> bullish, negative -> bearish
-60/60 is seen as the limit of the oscillator range, and a pullback should be expected from there
-40/40 are in general Oversold/Overbought levels

Modifications:
  • added alerts
  • added Divergences formula
  • added additional types of smoothing
  • added signal display based on described above usage (extreme levels of oscillations and bounce back)


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