OPEN-SOURCE SCRIPT
Full VZ-Score (price & Volume)
Z score is an Indicator really close to CCI, only difference is that CCI use a 1.5 factor of standard deviation, and Z score use only 1 deviation. This difference make CCI to have a range wider then Z score, but also less sharpe. Here I had use a light filter to smooth both price and volume. So we have same indicator with different source: Histogram is VOLUME Z score, and LINE is PRICE (hlc3). Remember that top volume is not always top price, it could be button one. Volume help to see how strong is the move of the Z score. Inversion could happen when top/high volume and top/bottom price. Low buttom volume with low/high price usualy means end of trend.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.