In this particular mode (ZVOL DELTA) you can see whether BUYERS OR SELLERS is above or below the mean average of it, a (period of your choice) determined by a + or - value. The value itself represents a Standard Deviation multiplier. A reading below ZERO signifies below such average while a reading above ZERO signifies is above the average. How far up or down from the zero line signifies how many units of standard deviation is deviated from the set moving average.
The indicator when used in combination with the others in the set can help confirm breakout moments such as in the case above when the ZVOL DELTA crossed above the upper level.
Alert signals are provided in the script but you can turn them off in settings.
Each indicator in the ZScore Suite has a particular function:
ZClassic: Measures the position of Price in relation to a set average in units of standard deviation.
ZRange: Measures the position of the Standard Deviation itself in relation to a set average, in units of standard deviation.
ZVolumeDelta: Measures the position of Delta in relation to a set average, in units of standard deviation.
ZTrend: Its a custom mathematical function that allows to measure the strength and direction of the Trend in reference to a set average.
Need help with indicator creation?
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact FX_Baba for more information, or follow the author's instructions below.
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Use the link below to obtain access to this and the other indicators in the package http://www.fxbabatrading.com
Warning: please read before requesting access.