Description
Volume Zone Oscillator is an indicator reflecting volume changes across several percentage levels: "-60", "-40", "-5", "+15", "+40" and "+60".
Formula
vzoArray[] = (EMA(close>close[-1] ? volume : volume*(-1))/EMA(volume))*100
Interpretation
Low levels of Volume Zone Oscillator may indicate oversold conditions, high levels may be a sign of overbought conditions.
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