UltimateOscillator (Function)
DisclaimerThe UltimateOscillator function returns the Ultimate Oscillator value developed by Larry Williams.
Function
UltimateOscillator(ShortLength, MiddlLength, LongLength)
Returns (Double)
A numeric value containing the current value of the Ultimate Oscillator.
Parameters
|
Name |
Type |
Description |
|
ShortLength |
Numeric |
Sets the number of bars in short term average. |
|
MiddlLength |
Numeric |
Sets the number of bars in intermediate term average. |
|
LongLength |
Numeric |
Sets the number of bars in long term average. |
Remarks
Williams contends that an oscillator based on one time span is subject to a number of false alerts. To combat this problem, he combines three such oscillators, each based on different time frames. Williams states that oscillators with shorter time frames tend to peak well ahead of price, usually causing several divergences prior to the ultimate peak. On the other hand, indicators based on longer time spans do not tend to reverse direction until after market turning points.
Example
Assigns to Value1 and plots the UltimateOscillator based on the specified short, medium, and long term averages.
Value1 = UltimateOscillator(7,14,28);
Plot1(Value1, "UltOsc:);
Reference
Larry Williams