The PPO is a momentum oscillator that measures the difference between 2 exponential moving averages (EMA) as a percentage of the larger EMA. The use of different EMAs can be used to increase or decrease the sensitivity of the PPO. For example, the combination of a slower long EMA with a faster short EMA will result in an increase of sensitivity. The most common EMAs used are the 12-day EMA and the 26-day EMA.
