Picture mode to the rescue!
\documentclass{article}
\usepackage{pict2e,picture}
\makeatletter
\newcommand{\cplus}{\mathbin{\mathpalette\pseudorandom@cplus\relax}}
\newcommand{\pseudorandom@cplus}[2]{%
\vcenter{\hbox{%
\sbox\z@{$\m@th#1+$}%
\setlength{\unitlength}{\dimexpr\ht\z@+\dp\z@}%
\linethickness{.06\unitlength}%
\begin{picture}(\wd\z@,1)
\put(0.5\wd\z@,0.5){\circle{0.5}}
\put(0,0){\raisebox{\depth}{\box\z@}}
\end{picture}%
}}%
}
\makeatother
\begin{document}
\begingroup % show the bounding boxes
\fboxsep=-0.1pt \fboxrule=0.1pt
\fbox{$+$}\fbox{$\cplus$}
\nointerlineskip
\fbox{$\cplus$}\fbox{$+$}
\endgroup
% test for the spacing and subscripts
$a+b\cplus c_{+\cplus}$
$a\cplus b+c_{+\cplus}$
\medskip
% test for larger size
{\LARGE$a\cplus b+c_{+\cplus}$}
\end{document}

For lighter strokes to accompany \oplus:
\documentclass{article}
\usepackage{pict2e,picture}
\makeatletter
\newcommand{\cplus}{\mathbin{\mathpalette\pseudorandom@cplus\relax}}
\newcommand{\pseudorandom@cplus}[2]{%
\vcenter{\hbox{%
\sbox\z@{$\m@th#1+$}%
\setlength{\unitlength}{\dimexpr\ht\z@+\dp\z@}%
\linethickness{.06\unitlength}%
\begin{picture}(\wd\z@,1)
\put(0.5\wd\z@,0.5){\circle{0.5}}
\put(0,0){\raisebox{\depth}{\box\z@}}
\end{picture}%
}}%
}
\makeatother
\begin{document}
\fboxsep=-0.1pt \fboxrule=0.1pt
\fbox{$+$}\fbox{$\cplus$}
\nointerlineskip
\fbox{$\cplus$}\fbox{$+$}
$a+b\cplus c_{+\cplus}$
$a\cplus b+c_{+\cplus}$
\medskip
{\LARGE$a\cplus b+c_{+\cplus}$}
\end{document}

\oplus, but not the (relatively) bold lines of +. – PseudoRandom Oct 24 '17 at 13:05\opluswith the lines extended or an\opluswith the circle shrunk? – Steven B. Segletes Oct 24 '17 at 13:06\opluswith the circle shrunk is good enough. – PseudoRandom Oct 24 '17 at 13:07-, one must consider issues of line thickness, vertical/horizontal placement, overall scale, and surrounding space. All of these must be addressed any time you want to put a new symbol on the screen. – Steven B. Segletes Oct 24 '17 at 14:07