Sentiment Zone Oscillator

The original script was posted on ProRealCode by user Nicolas.

The Sentiment Zone Oscillator (SZO) was authored by Walid Khalil in the Stocks and Commodities Magazine, May 2012. The SZO uses a triple exponential moving average (TEMA) of a plus-minus value, triggered by the current and previous closing prices. Over-bought and over-sold paths and adjustable guides are also given.

This oscillator attempt to measure overall market sentiment and give overbought and oversold levels to play with. Bullish signal may occur when the oscillator is rising from the lower level and bearish one when the white line is quitting the higher level.

Overbought and oversold are dynamic, they take the higher and lower value that the oscillator had in the last "SZOLongPeriod".