Description
Price Zone Oscillator is an indicator that has sevral oscillator zones: "-60", "-40", "-5", "+15", "+40", "+60". PZO value is calculated as a percentage ratio of two Exponential Moving Averages according to the formula below.
Formula
pzoArray[] = EMA(Array=close>close[-1] ? close : close*(-1))/EMA(close)*100
Interpretation
Price Zone Oscillator generates confirmation buy or sell signals when used together with trend direction indicators. Once uptrend or downtrend is determined PZO crossover of corresponding levels is used as position entry or exit signals.
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