PMO can be used in many ways:
- PMO can be used to determine the OB/OS state. While the +2.5 to -2.5 is the usual range for broad stock market indexes, each price index will have its own “signature” range. You may have to tune this for your instrument.
- PMO triggers buy/sell on signal crossovers and ZERO crossovers.
- Common patterns like BullKiss, BearKiss are useful to track. See the link below for more info.
- Histo-only mode that can be used similar to MACD-Histo.
I have exposed all params as configurable. Have fun tuning :) Don't forget to share what you found for your instrument.
List of my public indicators: http://bit.ly/1LQaPK8
List of my app-store indicators: http://blog.tradingview.com/?p=970
Some Sample Charts:
// // @author LazyBear // // List of my public indicators: http://bit.ly/1LQaPK8 // List of my app-store indicators: http://blog.tradingview.com/?p=970 // study(title="DecisionPoint Price Momentum Oscillator [LazyBear]", shorttitle="DPMO_LB") src=input(close, title="Source") length1=input(35, title="First Smoothing") length2=input(20, title="Second Smoothing") siglength=input(10, title="Signal Smoothing") fr=input(true, title="Fill Region") ehc=input(false, title="Enable Histo Color") ebc=input(false, title="Enable Bar Colors") soh=input(false, title="Show Only Histo") slvl=input(false, title="Show OB/OS Levels") oblvl=input(2.5, title="OB Level"), oslvl=input(-2.5, title="OS Level") calc_csf(src, length) => sm = 2.0/length csf=(src - nz(csf)) * sm + nz(csf) csf i=(src/nz(src, src))*100 pmol2=calc_csf(i-100, length1) pmol=calc_csf( 10 * pmol2, length2) pmols=ema(pmol, siglength) d=pmol-pmols duml=plot(not soh and fr?(d>0?pmol:pmols):na, style=circles, color=gray, linewidth=0, title="DummyL") plot(0, title="MidLine") hc=d>0?d>d?lime:green:d<d?red:orange plot(d, style=columns, color=ehc?hc:gray, transp=80, title="Histo") sigl=plot(soh?na:pmols, title="PMO Signal", color=gray, linewidth=2, title="Signal") mdl=plot(soh?na:pmol, title="PMO", color=black, linewidth=2, title="PMO") fill(duml, sigl, green, transp=70, title="PosFill") fill(duml, mdl, red, transp=70, title="NegFill") barcolor(ebc?hc:na) plot(not soh and slvl?oblvl:na, title="OB Level", color=gray, linewidth=2) plot(not soh and slvl?oslvl:na, title="OS Level", color=gray, linewidth=2)
This is one of the best indicators to be used in conjunction with your setups and having an alert for this one would be lucrative.
Any input would be appreciate! Thanks, all! Thanks, LazyBear. Yet again, you have seriously outdone yourself. Thank you for all of your hardwork, time and effort. I should be cutting you percentage cheques from my earnings. Help me get the alerts working and I will lol
i have saw a RAVI indicator scripted by you on
can u do some modification in RAVI for me. it is a request
can u make it in histogram mode similar to DecisionPoint Price Momentum Oscillator by you (4 color) and option to change the type of moving average ex:- EMA, WMA, 2EMA AND 3EMA
pls reply can u do this for me.