The Pretty Good Oscillator indicator by Mark Johnson measures the distance of the current close from its N-day simple moving average, expressed in terms of an average true range over a similar period.
Configuration Options
- Period: Number of bars to use in the calculations.
- Color Selectors: Colors to use for graph elements.
- Display Axis Label: Whether to display the most recent value on the Y axis.
Formula
[PGO = frac{close – SMA[N] of closes}{EMA[N] of true range} ]