Customizable Percentage Price Oscillator (PPO)

The PPO is basically the MACD but in percentage terms. This is better for comparing momentum across different securities.

This script is a standard PPO but with many options for customization. You can set the moving average type of the signal and the oscillator lines separately. You can also weight any moving average of the PPO by volume.

Supported Types of MA:

• SMA
  
• EMA
  
• ALMA
  
• HMA
  
• WMA
  

Personally, I believe weighting by volume is helpful across markets but especially helpful for equities. I like to use 3,10,16 settings similar to Linda Raschke but with EMA instead of SMA. This indicator is especially useful for signaling trend continuation and generating exit signals. For entries, I believe this indicator should not be blindly followed and works better when combined with a trend or price action signal.

If there are requests for more types of moving average to be used with the PPO, I would be down to implement them, but I believe most moving averages are pretty similar.