This is a re-up of my original post a couple of days ago, I made a slight change to the scaling and wanted to make sure you all got the new code!
I felt the PPO offered here was a bit basic, so turned it more into the MACD's look and feel, except this is fully customizable through the options menu for non-coders to make it look exactly as they wish.
To use the code simply click the arrow in the upper right and click "make it mine". Alternatively you can grab the source here: pastebin.com/YRtTXE84 Copy and past the code into a new script, removing the default text it gives.
Feel free to leave a comment below if you like it, have a question, or idea! ¸.·´¯`·.´¯`·.¸¸.·´¯`·.¸ If you like the latest in indicators be sure to follow me, more scripts coming soon! ¸.·´¯`·.´¯`·.¸¸.·´¯`·.¸
There will be slight changes in APPO relative to MACD. This change will occur under the condition of more intense volatility. I wonder if there is any solution.
I love this indicator! I started integrating MACD to my trades and I think I will replace it with this. Thanks for sharing!
KPEI
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Neat indicator, Can you tell us a bit of what's special about this indicator?
TheLark
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Sure! This is actually pretty simple, it is PPO styled as a typical MACD. PPO and MACD are fairly similar indicators, but some people prefer the PPO calculation because they feel it gives better signals across different underline symbols, without having to change the default settings. This is because the MACD is more of a raw number derived from the difference of a fast and slow moving average. The PPO is the percentage difference between two MA's.
TradingView's version of PPO is a single line, here I've added a signal line (default's to a 9ema of PPO), and a histogram, which is the difference between the PPO and the signal.