Glossary

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P

Pennant: Similar to the flag, the pennant is generally a continuation price pattern lasting less than three weeks with two trendlines. The trendlines however are slightly more horizontal and may converge at the end of the formation. The price pattern is complete upon the breakout from the double trendlines when the price continues to move with the prevailing trend.

 

Percentage Price Oscillator (PPO): A momentum indicator showing the percentage difference of two moving averages of price. Typically PPO is constructed using the 26 period and 12 period exponential moving averages. PPO is calculated by subtracting the 26 period exponential moving average from the 12 period exponential moving average and then divide the difference by the 26 period exponential moving average.

 

Percentage Volume Oscillator (PVO): An oscillator that shows that percentage difference between two moving averages of volume. Typically PVO is constructed with the 26 period and 12 period exponential moving averages. PVO is used to identify periods of expanding or contracting volume by analysis of the general direction, crossings above or below the zero line as well as the crossovers of the moving averages.


Performance Indicator: A technical indicator that measures the percentage change between today's closing price and the closing price at the beginning of the data series. It can be useful when comparing the performance of two different securities or when comparing a security against an index.
 

Price Patterns: Price formations on price charts that possess certain predictive values. Price patterns are divided into reversal and continuation patterns.

 

Price Volume Trend (PVT): A cumulative momentum indicator similar to OBV except that PVT takes into consideration of the Today’s closing price and Yesterday’s closing price in order to decide how much volume is added to the PVT index. A divergence in the PVT trend and the price trend may by an early warning of a potential reversal in the price trend.

 

Positive Volume Index (PVI): Developed by Norman Fosback, PVI is used in conjunction with the NVI.

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