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The indicator calculates two moving averages of volume: a shorter-term average and a longer-term. It then finds the difference between these two moving averages. This difference is the Volume Oscillator value and it oscillates around a zero line. When the shorter-term average is above the longer-term average, the oscillator is positive. When the shorter-term average is below the longer-term average, the oscillator is negative.
A positive Volume Oscillator suggests that volume is increasing, which can confirm the strength of an uptrend and vice-versa.
Also, I would suggest you to look for divergences between price and the Volume Oscillator. For example, if the price is making new highs but the Volume Oscillator is not, it could be a sign of weakening momentum.