VZ O
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
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 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.
