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Ultimate Oscillator
Summary: The Ultimate Oscillator indicator was developed by Larry Williams in 1976 to measure the price momentum of an asset across multiple timeframes.
Ultimate Oscillator On the Charts
According to investopedia: By using the weighted average of three different timeframes the indicator has less volatility and fewer trade signals compared to other oscillators that rely on a single timeframe. Buy and sell signals are generated following divergences. The Ultimate Oscillator generates fewer divergence signals than other oscillators due to its multi-timeframe construction.
Key concepts:
- The indicator uses three timeframes in its calculation; 7, 14, and 28 periods. The shorter timeframe has the most weight in the calculation, while the longer timeframe has the least weight.
- Buy signals occur when there is bullish divergence, the divergence low is below 30 on the indicator, and the oscillator then rises above the divergence high.
- A sell signal occurs when there is bearish divergence, the divergence high is above 70, and the oscillator then falls below the divergence low.
The parameters of the Ultimate Oscillator can be changed by locating and opening the Javascript Code under Data Building Procedure -> Procedure Loop under "Ultimate Oscillator" Product Definition.
Ultimate Oscillator Products & Properties
| Product Setting | Product Variable | Properties |
|---|---|---|
| UltimateOsc | UO | value |
Example:
A simple strategy can be built by entering a trade when the oscillator rises above the zero line:
chart.at01hs.UO.value > 0 && chart.at01hs.UO.previous.value < 0Divergences Data Mine — TOC
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