Percentage Volume Oscillator for ThinkorSwim

BenTen

Administrative
Staff member
Staff
VIP
Lifetime
A good measure to see how excited the herd is, before chasing a move. Very Useful when trading explosive stocks like, FNMA , PLUG, USU. I use this to filter when not to chase. Once you get familiar with this. You can trade the stocks with just Volume and Price. Also a good filter on how good a breakout is.

Further reading: https://school.stockcharts.com/doku.php?id=technical_indicators:percentage_volume_oscillator_pvo

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thinkScript Code

Code:
# Percent Volume Oscillator
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/MrbvbasA-Percent-Volume-Oscillator-by-ucsgears/

declare lower;

input src = volume;
input shortlen = 21;
input longlen = 55;
input smooth = 13;

def short = expAverage(src, shortlen);
def long = expAverage(src, longlen);
def ppo = ((short - long) / long) * 100;
def sig = expAverage(ppo, smooth);

plot pp = ppo;
plot signal = sig;
plot histogram = ppo - sig;

histogram.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
pp.SetDefaultColor(GetColor(0));
signal.SetDefaultColor(GetColor(1));
 

horserider

Well-known member
VIP
No need for a new study. If you have a good PPO study just go in the settings and change close to volume.
 

perdelta

New member
@BenTen - I have a question for you about the VPO study. Is there a way to adjust this so that it would ready properly for futures trading during Globex hours?
 

perdelta

New member
@BenTen - You are correct. Apologies for not explaining that fully. Since the volume is so much lower than during the day, the indicator just drops during the overnight hours. I really like this indicator and am just curious if there is a way to adjust it for Globex hours. Thanks for your time!
 

Daniel

Active member
VIP
Ben , How are you?

Can I have percentage volume increase or decrease on my watch list column?

Thank you

Daniel
 

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