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
customindicatorslazybearMoving Average Convergence / Divergence (MACD)OscillatorsVolume Indicator

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