Percentage Volume Oscillator for ThinkorSwim

[BenTen]

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

thinkScript 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]

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