Introduction to the Ultimate Oscillator Indicator
The Ultimate Oscillator Indicator was developed by Larry Williams. That oscillator applies a weighted average of values of three stochastic indicators defined on short, medium, and long periods. The length of periods is usually in the correlation 1:2:4 (doubling) or 1:2:3 (multiplicity). Periods should be chosen according to the characteristics of a certain market. Recommended values are: 7-14-28 or 7-14-21. The indicator is in the oversold zone below the 30 value, and conversely, in the overbought zone above the 70 value. A trader should look for trade opportunities in these zones.
The Ultimate Oscillator Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Ultimate Oscillator indicator in MT4?
Download the Ultimate Oscillator.rar archive at the bottom of this post, unpack it, then copy and paste the Ultimate Oscillator.ex4 or Ultimate Oscillator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Ultimate Oscillator indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 Ultimate Oscillator Indicator
To download the Ultimate Oscillator for Metatrader 4 (MT4) for free just click the button below: