What is DPO? A detrended price oscillator is an oscillator that strips out price trends in an effort to estimate the length of price cycles from peak to peak or trough to trough. Unlike other oscillators, such as the stochastic or moving average convergence divergence (MACD), the DPO is not a momentum indicator. It highlights peaks and troughs in price, which are used to estimate buy and sell points in line with the historical cycle. (From Investopedia)
Indicator features: Responds faster to trend changes than the original code. Added alternative smoothing algorithms. Defaults to Ehler's Optimum Elliptic filter instead of the orginal SMA IPOCS - can start printing out data at day 1 instead of waiting for 14 or 20 bars Dynamic colors Auto timeframe detection to adjust period/length
How to use: Buy above zero Sell below zero
Who is it for? Long term investors - this is the perfect indicator for those who buy and hold
Timeframe usage: Works best on the weekly and monthly chart. Again, this is an indicator for long term trades, not day trading
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refactored some functions to be compatible with recent Pinescript version