WhaleCrew

WhaleCrew VZO

The VZO is a volume-based oscillator that is related to the on-balance volume .

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.
Release Notes: Updated custom symbol setting
Release Notes: Improved custom symbol section
Release Notes: Fixed an issue occuring when volume data was "corrupted"

Invite-only script

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 WhaleCrew for more information, or follow the author's instructions below.

TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Community Scripts.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Author's instructions

Access to this indicator can be obtained through our website.

Want to use this script on a chart?

Warning: please read before requesting access.