Here is a description provided by Think or Swim.
Person's Pivot Study (PPS) is a bullish and bearish momentum indicator. In addition, it has two proprietary moving average settings that help visualize either a bullish or bearish market condition. When an arrow points up and prices as defined by the close and/or the open and close relationship of each respective time period is above both moving average values, traders can look to take trades from the long side. Inversely when an arrow is pointing down and the close and/or the open and close relationship of each respective time period is below both moving average values, traders can look to take trades from the short side. This aids in determining the trend as the moving averages in an uptrend will act as support and in a downtrend will act as resistance. When combined with Person's Pivots, the PPS study helps to confirm trades against the predetermined support and resistance target levels.
slowAvg The slow moving average plot.
fastAvg The fast moving average plot.
BuySignal The plot marking Buy signals.
SellSignal The plot marking Sell signals.
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