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2012.02.06 14:01
Indicators

Ultimate_Oscillator - indicator for MetaTrader 5

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Published by:
Nikolay Kositsin
Views:
3655
Rating:
votes: 19
\MQL5\Include\

Real author:

Rosh

The Ultimate Oscillator (Ultimate Oscillator), proposed by Larry Williams is calculated as weighted value of three Stochastic indicators, calculated for fast, middle and short periods. The periods ratio is selected as follows 1:2:4 (doubling) or 1:2:3. The periods depend on market. The recommeneded values are: 7-14-28 or 7-14-21.

Larry Williams recommend to open position after formation of divergence.

Buy signals:

  • The bullish divergence has appeared: the price at new minimum, the indicator is not at new minimum;
  • During the bullish divergence formation the oscillator < 30;
  • The oscillator grow higher than maximum level, achieved during formation of bullish divergence. It's the best time to buy.

Close long positions:

  • The Oscillator value achieved 50 and fall lower than 45;
  • The oscillator value > 70 (in some cases it's recommened to wait the fall to 70;
  • Sell signal has appeared.

Sell signals:

  • The bearish divergence has appeared: the price at new maximum, the indicator is not at new maximum;
  • During the bearish divergence formation the oscillator > 50;
  • The oscillator fall lower the minimum level, achieved during formation of the bearish divergence.

Close short positions:

  • Oscillator > 65;
  • Oscillator < 30;
  • Buy signal has appeared.

This indicator was first implemented in MQL4 and publised in Code Base 09.02.2007.

The indicator uses the classes from SmoothAlgorithms.mqh library, described in article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".

Ultimate Oscillator indicator

Ultimate Oscillator indicator

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/792

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