LazyBear

DecisionPoint Price Momentum Oscillator [LazyBear]

The DecisionPoint Price Momentum Oscillator ( PMO ) is an oscillator based on a Rate of Change calculation that is smoothed twice with custom exponential moving averages. Because the PMO is normalized, it can also be used as a relative strength tool.

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.
- Divergences.
- 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.

More Info:
http://stockcharts.com/school/doku.php?s...

List of my public indicators: http://bit.ly/1LQaPK8
List of my app-store indicators: http://blog.tradingview.com/?p=970

Some Sample Charts:

TWTR:

MSFT:

GOOGL:


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//
// @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[1])) * sm + nz(csf[1])
	csf
i=(src/nz(src[1], 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[1]?lime:green:d<d[1]?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)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970

Commentaires

The word "excellent" was mentioned three times already in the comments and I add one (two) more. This indicator script is really excellent :) Thank you!
+2 Répondre
ChartArt ChartArt
FYI:

"Do PMO Sell Signals in All Three SPY Time Frames Spell Doom?"

"Currently for the S&P500, all three PMO signals (short-, medium-, and long-term) are in bearish mode."
http://stockcharts.com/articles/decisionpoint/2015/06/spy-do-pmo-sell-signals-in-all-three-time-frames-spell-doom.html
Répondre
rmwaddelljr ChartArt
Short answer: No. Longer answer: "CONCLUSION: While price action is still bullish--Trend Model signals are BUY in all time frames--PMOs in all time frames tell us that the market is being undermined internally. In particular, the weekly and monthly PMOs are negative and it will require persistently positive price action to reverse the outlook in those time frames. Bottom line, in my opinion, the market is probably in a topping process that will result in a significant decline." (to quote stockcharts)

Topping processes take a long time to form. My take? Watch this oscillator along with other indicators. I asked Lazybear to code this for
2 reasons: 1. Price momentum is but one part of the puzzle, but I feel (for my purposes) I need the info in the larger picture. 2. It's a
great complement to other studies such as bollinger bands, keltner channels, starc bands, volume studies and the like which I use.

The DPMO can be found on stockcharts.com and they have a fine platform for charting. I like TV's better (I like to tinker and be around others who like to do the same:)) Finally, the best two pieces of information is price action and the indicator between your ears...unbeatable!
Répondre
Xolus rmwaddelljr
Thank you for requesting this PMO indicator from LazyBear then. I had come around the stockcharts.com description page of it once while surfing, but had never tested the indicator itself before. And yes, there is definitely a topping process going on.
Répondre
Another comment (or question really) too about the PMO is that a longer period of sideways consolidation might appear to be topping. If you notice on any daily SPY chart, that from Nov 2014 through the end of Jan 2015, people were calling for "market top" then. But., not so as it turned out. The market began its upward trek again until mid Feb until now (highlighted portion of chart). Will earnings season be the catalyst to march higher? Or, will it be a disaster and the market pulls back? Or, will there be an event to take us higher or lower? The PMO turned down in each of these time periods only to take off again. The answer? I don't know. Neither does Mr. Swelin, but his indicators and technical analysis suggests "watch". Mr. Market will fool most if not all. Bears have shorted this market only to cover later. My suggestion is to watch biases, exercise good risk management with a strategy you like and be flexible enough to change when it doesn't work out:) Hated to be long winded but thought it deserved some fleshing out.
Répondre
ChartArt rmwaddelljr
I agree. It is definitely time to "watch".

"Bears have shorted this market only to cover later. "

Yes, which is the reason why I wait for a real double top, or a bounce after a larger breakdown, before I go full bear in Q3 2015. And I also thank you for requesting this indicator :)
Répondre
rmwaddelljr ChartArt
You're Welcome :)
Répondre
LazyBear ChartArt
YW :)
Répondre
Great indicator. Can you add alerts to this with the change of color (Green/Red)?
+1 Répondre
Regarding alerts: for whatever reason, the PMO x PMO signal doesn't work. Is that the case with anyone else? Can anyone suggest anyone of them that work?

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
+1 Répondre
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