SC MTF Ultimate Oscillator for MT4 with alert
- Indicators
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Krisztian Kenedi
MQL4 / MQL5 Developer | TrueTL Project Founder (since 2011)
I have been developing professional trading tools and custom algorithms since 2011. - Version: 5.20
Freelance programming services, updates, and other TrueTL products are available on my MQL5 profile.
Feedback and reviews are highly appreciated!
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.
