highs and lows so that an investor or trader may more easily time when to buy or sell the underlying instrument. Accordingly, it is not meant to be used as a way of gauging momentum, however, I find it perfectly suitable for the task (at least when used "un-centered" which is how it comes by default here). If you wish to read up more on the just search for it under indicators. It's built in, so you'll find all the information you need on it there. Or check investopedia.
On to the good stuff. What have I done and how does this work?
As un-centered you can use it just like any other momentum oscillator. Price above the zero line is and below is , generally speaking.
I've added two moving averages that you can turn on or off, and choose amongst various types and lengths. Both of these are colored based on trend.
The is also colored based on trend, with a neutral color based on where the is relative to the primary MA and the zero line.
Candles are colored in the same way that the is.
I've added because they could be useful on an indicator like this.
All the alert conditions you could dream of.
With this set to centered you will notice that the is not inline with current price. That is intentional, as it's only designed to look at historical price
data to time highs and lows of price movement. As such, I don't recommend using this when set to centered, at least if you're trading crypto. The price
perhaps makes for inconsistent timing of cyclical highs and lows, or perhaps it's the rather brief amount of time cryptocurrencies have been in existence.
I do not know. Just stick to using it un-centered.
The above image shows the indicator with turned on and the MA's turned off. Also, you should note that the candle color and color is based on the primary moving average you are using. If you want consistency, and want to use the , then keep your primary moving average set as a 20 , as that is the basis for .
Hope this is helpful to you. Definitely pair it with an additional indicator like an , or my +ADP. I like to use something rangebound to compare its signals to.
added plot shapes for DPO+MA crosses
added background stripes for DPO+DPO crosses, and an alert condition for that
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