vz o
Info
The vz o is a Indicator for MetaTrader 5 that oscillating indicator volume zone oscillator (vzo) indicates volumes as related to the price change direction at each bar. it has five adjustable parameters:period - calculation periodextreme overbought- extreme overbought leveloverbought - overbought leveloversold - oversold levelextreme oversold- extreme oversold level calculations:vzo = (avgvp / avgvol) * 100.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use vz o
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
oscillating indicator volume zone oscillator (vzo) indicates volumes as related to the price change direction at each bar.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Trend Regime Inspector for Meta Trader 5 - another powerful indicator for MetaTrader 5 traders.
oscillating indicator volume zone oscillator (vzo) indicates volumes as related to the price change direction at each bar.
Also recommended: Stochastic Reversal Signal - similar indicator with strong performance on MetaTrader 5.
it has five adjustable parameters:period
- calculation period
extreme overbought
- extreme overbought level
overbought
- overbought level
oversold
- oversold level
extreme oversold
- extreme oversold level
calculations:
vzo = (avgvp / avgvol) * 100.0
where:
avgvol = ema(volume, period)avgvp = ema(vp, period)
if close > prevclosevp = volume
otherwisevp = -volume
volume - tick volume
the oscillator value of 40 or higher indicates the bullish accumulation. -40 and below are bearish accumulations. +/- 20 around zero indicate consolidation or approximity to a support/resistance level. where vzo is close to +/- 60, we should expect the end of the bullish/bearish movement. if this movement has been opposite to the long-term trend direction, the probability of a reversal is high.
You may also like: Quantora Account Health Monitor MT5: Professional Account Health and Risk Monitoring - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.