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Price_Momentum_Oscillator.mq5 (12.03 KB) view

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Indicator Price Momentum Oscillator. It is based on the double-smoothed rate of change (ROC).

It has three adjustable parameters:

Calculations:

PMO = Smoothing2

Signal = AvgPMO

where:

Smoothing1 = (Raw1 - PrevSmoothing1) * sm1+PrevSmoothing1
Smoothing2 = (Raw2 - PrevSmoothing2) * sm2+PrevSmoothing2

Raw1 = (((Close / PrevClose) * 100.0) - 100.0)
Raw2 = 10.0 * Smoothing1

sm1 =2.0/Period one
sm2 = 2.0/Period two

AvgPMO = EMA(PMO, Signal period)

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/22709

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