These numbers represent corresponding percentage values. Once these averages are calculated, their percentage ratio is the resulting plot. The latter takes into account price with sign: the price is considered negative if its value is less than that of the previous bar, zero if prices are equal, and positive otherwise. Two EMAs are calculated for the PZO: actual and sign-dependent. The Price Zone Oscillator (PZO) is a technical indicator analyzing price in relation to certain levels (zones).
