RobotFX curates the best open-source MetaTrader code to inspire your trading automation.
A percentage oscillator of the price allows to perform the comparing the time periods independently on the price.
Calculation:
PPO = ( EMA(CLOSE, 12) - EMA(CLOSE, 26) ) / EMA(CLOSE, 26)
SIGNAL = SMA(PPO, 9)
Signals:
1.Positive/Negative divergence
2.The intersection of the indicator with its signal line.
3.A condition of overbuying/overselling
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