The VZO is a volume-based oscillator that is related to the on-balance volume.
Components
Usage
This indicator can be used to identify overbought and oversold market conditions. Unlike the RSI it takes volume into account, which makes it an ever stronger tool.
You can look for divergences, extremes and retests/rejections of the zero-line to predict the future more accurately.
Some traders also like to trade crosses above/below the zero-line as they often mark a sentiment shift.
The Reversal Risk Arrows are plotted when the oscillator is overbought or oversold and at risk of reversing.
Our threshold system allows you to get alerted whenever the VZO has been above/below a certain threshold for a custom amount of candles.
Access to this indicator can be obtained through our website.
Components
- Overbought & Oversold Zones
- Zero Line (acts as support/resistnace)
- Divergence Detection (regular and hidden divergences)
- Dynamic Colors
- Highlight Extremes
- Reversal Risk Arrows
- Threshold System
- Custom Symbol Option (e.g. for using volume data of a bigger exchange)
Usage
This indicator can be used to identify overbought and oversold market conditions. Unlike the RSI it takes volume into account, which makes it an ever stronger tool.
You can look for divergences, extremes and retests/rejections of the zero-line to predict the future more accurately.
Some traders also like to trade crosses above/below the zero-line as they often mark a sentiment shift.
The Reversal Risk Arrows are plotted when the oscillator is overbought or oversold and at risk of reversing.
Our threshold system allows you to get alerted whenever the VZO has been above/below a certain threshold for a custom amount of candles.
Access to this indicator can be obtained through our website.
Versionsinformation:
Updated custom symbol setting
Versionsinformation:
Improved custom symbol section
Versionsinformation:
Fixed an issue occuring when volume data was "corrupted"
Versionsinformation:
Fixed custom symbol