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Sentiment Zone Oscillator

In his article “Sentiment Zone Oscillator”, Walid Khalil developed an indicator that measures extreme bullishness and bearishness and helps identify a change in sentiment.

Using Tradecision’s Indicator Builder, one needs to create the following indicators:

SZO indicator:

inputs
Period: "Period", 14, 1, 100;

end_inputs

var

R:= iff (C> C\1\, 1,-1);
SP:= TEMA (R, Period);
SZO:=100 * (SP/ Period);
end_var

return SZO;

SZO Top indicator:

inputs
Period: "Period", 14, 1, 100;

end_inputs

var

R:= iff (C> C\1\, 1,-1);
SP:= TEMA (R, Period);
SZO:=100 * (SP/ Period);
LongPeriod:=30;
Perc:=95;
HLP:= Highest(SZO, LongPeriod);
LLP:= Lowest(SZO, LongPeriod);
Range1:= HLP - LLP;
Prange:= Range1 *(Perc/100);
OB:= LLP + Prange;
end_var

return OB;

SZO Bottom indicator:

inputs
Period: "Period", 14, 1, 100;

end_inputs

var

R:= iff (C> C\1\, 1,-1);
SP:= TEMA (R, Period);
SZO:=100 * (SP/ Period);
LongPeriod:=30;
Perc:=95;
HLP:= Highest(SZO, LongPeriod);
LLP:= Lowest(SZO, LongPeriod);
Range1:= HLP - LLP;
Prange:= Range1 *(Perc/100);
OS:= HLP - Prange;
end_var

return OS;



Download to import into Tradecision.

How to use this indicator in Tradecision:
  1. Click Download.
  2. Save this indicator in a safe location on your hard drive.
  3. Open Tradecision and in the Tools menu click Indicator Builder.
  4. In the Indicator Builder dialog, click Import, locate the saved file and then click OK.
The indicator will be added to the Custom Indicators list.
 
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