SC MTF Ultimate Oscillator for MT5 with alert
- Indicators
- Krisztian Kenedi
- Version: 5.20
Freelance programming services, updates, and other TrueTL products are available on my MQL5 profile.
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What is the Ultimate Oscillator?
The Ultimate Oscillator (UO) was developed by Larry Williams to capture momentum across three different timeframes simultaneously, reducing the false signals that arise from using a single period. It calculates buying pressure relative to the true range across fast, medium, and slow windows, then combines them into a weighted average scaled from 0 to 100.
Values above 70 are considered overbought, while values below 30 are considered oversold. Larry Williams' original trading signal requires a divergence between price and the oscillator, followed by a level break, before entering a trade. The multi-period approach makes the Ultimate Oscillator more reliable than single-period oscillators.
Features:
- Three-period momentum measurement (fast, medium, slow)
- Visual signal markers with arrows and vertical lines
- Three independent signal buffers with configurable triggers
- Signal detection options: direction change, level cross, peak/valley
- Configurable alert functions for each signal (email, push, sound, popup)
- Multi-timeframe (MTF) capability with interpolation methods
- Histogram or line drawing mode
- Multiple color modes (simple, direction-based, level-based)
- Custom indicator call (iCustom) buffer access for Expert Advisor (EA) integration
Input Parameters:
- Basic Settings:
- Period 1 (fast): Lookback period for the short-term momentum window (default: 7).
- Period 2 (medium): Lookback period for the medium-term momentum window (default: 14).
- Period 3 (slow): Lookback period for the long-term momentum window (default: 28).
- UO bar shift: Offset the line drawing by a specified number of bars.
- UO timeframe: Choose the timeframe for MTF display.
- MTF on higher TF only: Restrict MTF display to timeframes higher than the current chart.
- MTF Interpolation mode: Select smoothing method (Off, Linear, Smooth, Weighted, Simple Moving Average).
- Maximum bars to calculate: Limit the number of bars calculated for performance optimization.
- Levels Settings:
- Show levels: Toggle overbought/oversold level line visibility.
- High level (overbought): Upper threshold value (default: 70).
- Low level (oversold): Lower threshold value (default: 30).
- Show middle level: Toggle the midpoint level line.
- Level appearance: Customize color, style, and width.
- Signal Settings:
- Signal 1/2/3 trigger: Configure detection type (direction change, level cross, peak/valley).
- Visual markers: Enable arrows and vertical lines with customizable size, style, and position.
- Arrow customization: Set Wingdings codes and colors for up/down signals.
- Alert Settings:
- Alert timing: Choose when alerts trigger (Off, After close, Before close, Both).
- Alert interval limit: Set minimum minutes between repeated alerts.
- Time range filter: Restrict alerts to specific hours.
- Delivery methods: Enable email, push, popup, and sound notifications.
- Color and Style Settings:
- Color mode: Select from multiple modes (simple, direction-based, level-based).
- Histogram mode: Switch between line and histogram display.
- Line appearance: Customize colors (4 per line), style, and width.
