Our ZVOL DELTA indicator is an outstanding Volume indicator to determine the strength of BUY vs SELLERS Volume in units of Standard Deviation from a set period average, that is, helps you visualize how much BUYERS/SELLERS VOLUME has deviated from the mean. This indicator is part of a bundle of 5 indicators which we call the ZScore Indicator Suite all based on the ZScore function of statistics.
In this particular mode (ZVOL DELTA) you can see whether BUYERS OR SELLERS VOLUME is above or below the mean average of it, a simple moving average (period of your choice) determined by a + or - value. The value itself represents a Standard Deviation multiplier. A reading below ZERO signifies VOLUME below such average while a reading above ZERO signifies VOLUME is above the average. How far up or down from the zero line signifies how many units of standard deviation is VOLUME 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 Volume 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.