Price_Momentum_Oscillator - MetaTrader 5 Script - MT4/MT5 Resource

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

It has three tunable parameters:

PMO = Smooth 2

Signal = AvgPMO

smooth1 = (original1 - pre-smooth1) * sm1+pre-smooth1
smooth2 = (original2 - presmooth2) * sm2+presmooth2

Raw1 = (((closing price/previous closing price) * 100.0) - 100.0)
Raw2 = 10.0 * Smoothed1

sm1 =2.0/period one
sm2 = 2.0/second period

AvgPMO = EMA(PMO, signal period)

Attachment download

📎 price_momentum_oscillator.mq5 (12.03 KB)

Source: MQL5 #22709