OPEN-SOURCE SCRIPT
Indicators: Volume-Weighted MACD Histogram & Sentiment Zone Osc
Volume-Weighted MACD Histogram [VWMACD]
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Volume-Weighted MACD Histogram, first discussed by Buff Dormeier, is a modified version of MACD study. It calculates volume-averaged Close price for finding the histogram.
More info:
moneyshow.com/articles.asp?aid=daytraders-18013
Sentiment Zone Oscillator [SZO]
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Sentiment Zone Oscillator, developed by Walid Khalil, is a complementing oscillator to VZO and PZO.
To quote Walid:
>> The sentiment zone oscillator (SZO) is a leading contrary oscillator that measures the extreme emotions of a single market or share.
>> It measures and defines both extremes, bullishness (overoptimism) and bearishness (overpessimism), that could lead to a change
>> in sentiment, eventually changing the trend of the time frame under study. The SZO was devised on the belief that after several waves
>> of rising prices, investors begin to get bullish on the stock with increasing confidence since the price has been rising for some time.
>> The SZO measures that bullishness/bearishness and marks overbought/oversold levels.
SZO has its own oversold/overbought bands. Also, when SZO goes above 7, it indicates extreme optimism. When the SZO goes below -7, it indicates extreme pessimism.
More info: traders.com/Documentation/FEEDbk_docs/2012/05/Khalil.html
How to import / use custom indicators from this chart?
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PDF: drive.google.com/file/d/0Bx48Du_2aPFncUhIemNrZUY1dTA/edit?usp=sharing
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Volume-Weighted MACD Histogram, first discussed by Buff Dormeier, is a modified version of MACD study. It calculates volume-averaged Close price for finding the histogram.
More info:
moneyshow.com/articles.asp?aid=daytraders-18013
Sentiment Zone Oscillator [SZO]
-------------------------------------------------------------------------------------
Sentiment Zone Oscillator, developed by Walid Khalil, is a complementing oscillator to VZO and PZO.
To quote Walid:
>> The sentiment zone oscillator (SZO) is a leading contrary oscillator that measures the extreme emotions of a single market or share.
>> It measures and defines both extremes, bullishness (overoptimism) and bearishness (overpessimism), that could lead to a change
>> in sentiment, eventually changing the trend of the time frame under study. The SZO was devised on the belief that after several waves
>> of rising prices, investors begin to get bullish on the stock with increasing confidence since the price has been rising for some time.
>> The SZO measures that bullishness/bearishness and marks overbought/oversold levels.
SZO has its own oversold/overbought bands. Also, when SZO goes above 7, it indicates extreme optimism. When the SZO goes below -7, it indicates extreme pessimism.
More info: traders.com/Documentation/FEEDbk_docs/2012/05/Khalil.html
How to import / use custom indicators from this chart?
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PDF: drive.google.com/file/d/0Bx48Du_2aPFncUhIemNrZUY1dTA/edit?usp=sharing
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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