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    Ultimate Oscillator (UO)
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      Ultimate Oscillator (UO)

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        Article summary

        Ultimate Oscillator (UO) is a momentum oscillator that shows the price momentum based on the weighted average of three different time frames: 7-period, 14-period, and 28-period. UO oscillates on the scale from 0 to +100 and generates buy and sell signals related to divergences between the oscillator line and price.

        UO = 100 x [(4 x Avg7 + 2 x Avg14 + Avg28)] / (4 + 2 + 1) 
        Avgi = sum of BP / sum of TRi
        BP = Current Close - Minimum (Current Low or Previous Close)
        TR = Maxiumum (Current High or Previous Close) - Minimum (Current Low or Previous Close)

        where:
        Avgi – weithed average
        TR – True Range
        BP – Buying Pressure
        i – the number of periods used in calculation

        Stoller Average Range Channel BandsUltimate Oscillator

        INPUTS

        InputDescription
        FastLengthThe number of bars used in calculation of the fast weighted average
        MediumLengthThe number of bars used in calculation of the medium weighted average
        SlowLengthThe number of bars used in calculation of the slow weighted average

        PLOTS

        The plot renders the data you are working with on the chart. You can show/hide a plot by clicking the corresponding item in the settings. Every plot has a set of basic settings that you can change: color, weight, and type.

        PlotDescription
        UOThe Ultimate Oscillator plot
        Color

        Click the color rectangle under the plot's name to open the palette. Use the slider at the bottom to set the opacity of the color.

        Palette

        To create a custom color:

        1. Clickto open the color picker
        2. By using the slider at the bottom, adjust the main color
        3. Then, set a shade for the main color on the palette

        The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.

        Weight
        Change the value (in px) to adjust the thickness of the plot.
        Type
        The following plot types are available:
        • Linear. The plot is displayed as a line.
        • Column. The plot is displayed as a histogram.
        • Difference. The plot is displayed as a line which represents the difference between High and Low prices of the bar.
        • Points. The plot is displayed as points.
        • Text above candle. The plot is displayed as the price labels above candles on the chart.
        • Text below candle. The plot is displayed as the price labels below candles on the chart.
        • Triangle above candle. The plot is displayed as triangles above candles on the chart.
        • Color candle. The candles on candle-type charts are highlighted with specified colors.

        OVERLAYING

        Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.

        Note: To reset the settings, click Restore to Default next to the SETTINGS: INDICATOR'S TITLE
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