We would like to introduce you to our newly develop ZScore Dashboard Indicator for the Metatrader 5 platform. It automatically calculates and updates the ZScore values of Price (Z) and Volume (ZV) as it changes in the particular timeframe chart to which the indicator is applied to.
In the example below, it is applied to the Daily timeframe and thus the values will change once a day right after the close of the Daily candle
The Columns “ZMA” & ZVMA” represent a 3 period moving average of the corresponding Z or ZV values which serves as a signal reference.
Signals It Provides
- If a Z value is above the ZMA value, the ZMA cell will be shown in Blue for bullish
- If a Z value is below the ZMA value, the ZMA cell will be shown in Red for bearish
- If a Z values crosses above 1.96, the Z value cell will be shown in bright Red to indicate its overbought or breakthrough state depending on the position of price in reference to other averages
- If a Z value crosses below -1.96, the Z value cell will be shown in bright Blue to indicate its oversold or breakthrough state depending on the position of price in reference to other averages
- If a Z value crosses above 0, the Z value cell will be shown in Blue to indicate bullish
- If a Z value crosses below 0, the Z Value cell will be shown in Red to indicate bearish
Signal Analysis Example for EURCHF
EURCHF on the Dashboard show the Z values for 20 & 50 at below -1.79 & -1.96 which would seem to indicate an oversold state and thus price did pull back on the last candle, however for longer time periods such as 100 & 253 the Z values are -0.46 & -0.08 respectively allowing us to see there is still plenty of room for price to continue moving downwards thus the signal is more of a impulsive breakout downwards after a short period of consolidation rather than an oversold signal to enter a Long position
The Dashboard will soon be available at the MQL marketplace. In the meantime, it is available for a monthly subscription of $49.99
Daily printout of ZScore values of Daily Prices & Tick Volume