Developed by Larry Williams, the Ultimate Oscillator is a momentum oscillator designed to capture momentum across three different time frames in an effort to avoid common problems other momentum oscillators encounter.
Standard momentum oscillators limited to one-time frame will often rise sharply at the start of an advance, then form bearish divergence as the trend continues. The Ultimate Oscillator works to overcome this by utilising longer time frames into the core calculation.
To add the tool to your chart, select the tool from the Averages tool group, and left-click on the chart to add the tool. Optuma will then draw the tool in a window below the chart using the default settings.
Scripting Function: UO()
Actions & Properties
Copy Data to Clipboard: Will copy the tool's values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Ultimate Oscillator tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Ultimate Oscillator tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Ultimate Oscillator to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Tool Name: Allows you to adjust the name of the tool, as it's displayed in the Structure Panel.
Average 1: Sets the number of bars the first Moving Average uses in the base calculation of the Ultimate Oscillator.
Average 2: Sets the number of bars the second Moving Average uses in the base calculation of the Ultimate Oscillator.
Average 3: Sets the number of bars the third Moving Average uses in the base calculation of the Ultimate Oscillator.
Boundary Lines: Expands to show the display options for the 4 horizontal lines displayed on the Ultimate Oscillator window. Options include Line Style, Line Width, Line Colour, Transparency and Visibility.
Oscillator Lines: Expands to show the display options for the main indicator lines displayed on the Ultimate Oscillator window. Options include Plot Style, Line Style, Line Width, Colour Scheme and Line Colour.
Offset: Moves the tool forward or backwards in time. The offset is measured in bars, so a value of 2 will push the tool forward 2 bars and -2 will move the tool back 2 bars.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.
Show In Price Scale: When selected the current Ultimate Oscillator value will be displayed in the Price Scale.