OPEN-SOURCE SCRIPT
Year-over-Year % Change for PCEPILFE
Hello, traders!
This indicator is specifically for
PCEPILFE, which is a 'Personal Consumption Expenditures (PCE) Index excluding food and energy.'
What this indicator does is compare the monthly data to that of the same month last year to see how it has changed over the year. This comparison method is widely known as YoY(Year-over-Year).
While I made this indicator to use for PCEPILFE, you may use it for different charts as long as they show monthly data.
PCEPILFE is one of the main measures of inflation the Federal Reserve uses.
You can see the YoY % change of the PCE Index excluding food and energy in the official website for the Bureau of Labor Statistics, but unfortunately, I couldn't find one in TradingView.
So instead, I decided to make my own indicator showing the changes using PCEPILFE.
The code is very simple: it compares the data to the data 12 points ago because 12 points would mean 12 months in this chart. We then multiply the result by 100 for percentage.
Doing so, we compare the current month to the same month of the previous year.
Because I am only interested in the YoY % Change of the index, I pulled the indicator all the way up, covering the original chart data entirely. (Or you could achieve the same by simply moving your indicator to the pane above. But this way, the original chart data is also visible.)
I hope this indicator helps you with your analysis. Feel free to ask questions if have any!
God bless!
This indicator is specifically for
PCEPILFE, which is a 'Personal Consumption Expenditures (PCE) Index excluding food and energy.' What this indicator does is compare the monthly data to that of the same month last year to see how it has changed over the year. This comparison method is widely known as YoY(Year-over-Year).
While I made this indicator to use for PCEPILFE, you may use it for different charts as long as they show monthly data.
PCEPILFE is one of the main measures of inflation the Federal Reserve uses.
You can see the YoY % change of the PCE Index excluding food and energy in the official website for the Bureau of Labor Statistics, but unfortunately, I couldn't find one in TradingView.
So instead, I decided to make my own indicator showing the changes using PCEPILFE.
The code is very simple: it compares the data to the data 12 points ago because 12 points would mean 12 months in this chart. We then multiply the result by 100 for percentage.
Doing so, we compare the current month to the same month of the previous year.
Because I am only interested in the YoY % Change of the index, I pulled the indicator all the way up, covering the original chart data entirely. (Or you could achieve the same by simply moving your indicator to the pane above. But this way, the original chart data is also visible.)
I hope this indicator helps you with your analysis. Feel free to ask questions if have any!
God bless!
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
God bless you :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
God bless you :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.