The Percentage Price Oscillator(PPO) is a momentum oscillator that measures the difference between two moving averages as a percentage of the larger moving average. Similar to the Moving Average Convergence/Divergence(MACD), the PPO is comprised of a signal line, a histogram and a centerline. Signals are generated with signal line crossovers, centerline crossovers, and divergences. Because these signals are no different than those associated with MACD, this indicator can be read exactly as the MACD is read. The main differences between the PPO and MACD are: 1) PPO readings are not subject to the price level of the security. 2) PPO readings for different securities can be compared, even when there are large differences in the price. MACD readings for different securities cannot be compared when there are large differences in price.
Calculations: Percentage Price Oscillator (PPO): {(12-day EMA - 26-day EMA)/26-day EMA} x 100 Signal Line: 9-day EMA of PPO PPO Histogram: PPO - Signal Line
This PPO indicator retains standard PPO settings. Additions to this indicator are: 1) filling the space between the PPO LINE and SIGNAL LINE. Space is green when PPO is above SIGNAL, purple when PPO is below SIGNAL. The color of the space between PPO and SIGNAL is used to define short-term momentum for price(green is positive momentum, pink is negative momentum). 2) filling the space between the PPO LINE and CENTER LINE(0 LEVEL). This space is filled green when the PPO is above the CENTER LINE and pink when the PPO is below the CENTER LINE. Green in this area indicates positive momentum in the intermediate-term while pink indicates negative momentum in the intermediate-term.
I just discovered your elegant Price Percent Oscillator and T-line Candles Indicators. I love the colors and how easy the indicators are to read.
I would love to study your Price Percent Oscillator if you would please share a single copy of your code with me for my Personal Use ONLY. I am starting this very late in my life and believe your code might speed my understanding of Pinescript coding and how indicators can be used in trading. Thank you for your help!
Hi - I just love the presentation of your indicators. I've studied them all and found them very very good. However, I was wondering why you have so few likes with all of your indicators. Would you be open to sharing your thoughts on my comment please?
PrepForProfit
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@TerryFrankland, I didn't publish any of my indicators until this past January so they are still relatively new compared to other traders indicators shared on TradingView. I also didn't start publishing regular ideas/charts until this year even though I've had an account for years. Spent the past three years creating custom indicators and modifying popular ones, started publishing scripts this year with plans to share more.
TerryFrankland
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@cw_trades, awesome thank you that explains it mate. Well you got me that's for sure. I just love the colours you use. Keep up the great work and really look forward to further input from you. cheers from sunny Perth Western Australia.