This oscilator is a work by Walid Khalil and David Steckler, converted from mt4. The original article about Volume Zone Oscilator can be found here:
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&cad=rja&uact=8&ved=0CDYQFjAEahUKEwjttdKBk8nHAhUKWBQKHc-4AII&url=http%3A%2F%2Fwww.informedtrades.com%2Fattachments%2F2505d1280781350-volume-analysis-volumezoneoscillator-pdf&ei=DfPeVa37LYqwUc_xgpAI&usg=AFQjCNERgAP9HWhjdymhntdUXeTXdtrTpg&sig2=KPwu0ceYrDZ7glrZa5_x2A
A (highly) simplified interpretation...