SZO

Most technical analysis tools help traders find the entry point and catch a trend when it appears.

The main problem of such tools is that the trend is short-lived. That is why it is important to have in the arsenal of tools, measuring the real strength of the market.

Indicator Sentimental Zone Oscillator (SZO) developed by Walid Khalil and first described in Journal of Technical Analysis of Stocks and Commodities. More about him can be found in article (in English).

Work principles

• SZO calculates the percentage of the bars with the closing price above the opening price to all bars in the previous period.


• If SZO rises above 7 or 9, it indicates extreme optimism, the prevalence of potential buyers and the beginning of the downtrend.


• If SZO drops below -7 and -9, which indicates extreme pessimism, the prevalence of sellers and the potential beginning of an uptrend.


• By default, the calculation uses 14 candles. If you are unsure of your actions, it is better not to change the value.


• The divergence of prices and SZO to determine trend reversal zone faster.

Features

• The ability to switch between normal and dynamic levels.


• Arrows Buy, Sell point to optimistic or pessimistic market sentiment.


• Audioalerty and email notifications.


• Customizable appearance.

settings

• SZO_Bars: the number of bars for the calculation (default 14).


• SZO_Price: price calculation (the opening, high, low ...) (default - the closing price).


• Level_Style: conventional fixed / dynamic levels.


• DynamicLvl_Bars: the number of bars for the calculation of dynamic levels.


• DynamicLVL_Percent_1: percentage used in the calculation of the first and last dynamic levels.


• DynamicLVL_Percent_2: percentage used in the calculation of the second and fourth dynamic levels.


• Show_Signal: show / hide SZO signals.