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Indicators/MyIndicators/UltimateOscillator_Pro.md
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## 1. Summary (Introduction) ## 1. Summary (Introduction)
The Ultimate Oscillator (UO), developed by Larry Williams, is a momentum oscillator designed to address the problem of false divergence signals by incorporating three different timeframes (short, medium, and long) into a single, weighted oscillator value. The Ultimate Oscillator (UO), developed by Larry Williams, is a momentum oscillator designed to address the problem of false divergence signals by incorporating three different timeframes into a single, weighted oscillator value. This multi-timeframe approach provides a smoother and more reliable measure of momentum.
This multi-timeframe approach provides a smoother and more reliable measure of momentum. Our `UltimateOscillator_Pro` implementation is a unified, professional version that includes an **optional, fully customizable signal line** and allows the calculation to be based on either **standard** or **Heikin Ashi** price data.
Our `UltimateOscillator_Pro` implementation is a unified, professional version that allows the calculation to be based on either **standard** or **Heikin Ashi** price data, selectable from a single input parameter.
## 2. Mathematical Foundations and Calculation Logic ## 2. Mathematical Foundations and Calculation Logic
@@ -14,51 +12,53 @@ The UO's calculation combines buying pressure over three distinct periods.
### Required Components ### Required Components
* **Three Periods (N1, N2, N3):** The three lookback periods, typically short (7), medium (14), and long (28). - **Three Periods (N1, N2, N3):** The three lookback periods (e.g., 7, 14, 28).
* **Price Data:** The `High`, `Low`, and `Close` of each bar. - **Price Data:** The `High`, `Low`, and `Close` of each bar.
### Calculation Steps (Algorithm) ### Calculation Steps (Algorithm)
1. **Calculate Buying Pressure (BP):** For each bar, determine the amount of "buying pressure." 1. **Calculate Buying Pressure (BP):** $\text{BP}_i = \text{Close}_i - \text{Min}(\text{Low}_i, \text{Close}_{i-1})$
* $\text{True Low (TL)}_i = \text{Min}(\text{Low}_i, \text{Close}_{i-1})$ 2. **Calculate True Range (TR):** $\text{TR}_i = \text{Max}(\text{High}_i, \text{Close}_{i-1}) - \text{Min}(\text{Low}_i, \text{Close}_{i-1})$
* $\text{BP}_i = \text{Close}_i - \text{TL}_i$ 3. **Sum BP and TR over Three Periods.**
2. **Calculate True Range (TR):** For each bar, calculate the True Range.
* $\text{TR}_i = \text{Max}(\text{High}_i, \text{Close}_{i-1}) - \text{TL}_i$
3. **Sum BP and TR over Three Periods:** Calculate the sum of Buying Pressure and True Range over each of the three lookback periods.
4. **Calculate Three Averages:** For each period, divide the sum of BP by the sum of TR. 4. **Calculate Three Averages:** For each period, divide the sum of BP by the sum of TR.
5. **Calculate the Final UO:** Combine the three averages using a weighted formula (4, 2, 1) and scale the result to 100. 5. **Calculate the Final UO:** Combine the three averages using a weighted formula (4, 2, 1) and scale the result to 100.
$\text{UO}_i = 100 \times \frac{(4 \times \text{Avg}_7) + (2 \times \text{Avg}_{14}) + (1 \times \text{Avg}_{28})}{4 + 2 + 1}$ $\text{UO}_i = 100 \times \frac{(4 \times \text{Avg}_7) + (2 \times \text{Avg}_{14}) + (1 \times \text{Avg}_{28})}{7}$
## 3. MQL5 Implementation Details ## 3. MQL5 Implementation Details
Our MQL5 implementation follows a modern, object-oriented design to ensure stability, reusability, and maintainability. Our MQL5 implementation follows a modern, object-oriented design to ensure stability, reusability, and maintainability.
* **Modular Calculation Engine (`UltimateOscillator_Calculator.mqh`):** - **Modular Calculation Engine (`UltimateOscillator_Calculator.mqh`):**
The entire calculation logic is encapsulated within a reusable include file. The entire calculation logic is encapsulated within a reusable include file.
* **`CUltimateOscillatorCalculator`**: The base class that performs the full UO calculation on a given set of High, Low, and Close prices. - **`CUltimateOscillatorCalculator`**: The base class that performs the full UO and signal line calculation.
* **`CUltimateOscillatorCalculator_HA`**: A child class that inherits all the complex logic and only overrides the initial data preparation step to use smoothed Heikin Ashi prices as its input. This object-oriented approach eliminates code duplication. - **`CUltimateOscillatorCalculator_HA`**: A child class that inherits all logic and only overrides the data preparation step to use smoothed Heikin Ashi prices.
* **Stability via Full Recalculation:** We employ a "brute-force" full recalculation within `OnCalculate` for maximum stability. - **Optional Signal Line:** The indicator is enhanced with a user-configurable moving average signal line, with all MA types calculated manually for robustness. A `Display Mode` input allows the user to toggle the visibility of this line.
* **Efficient Calculation:** The summation of Buying Pressure and True Range over the three lookback periods is handled by an efficient **sliding window sum** technique. - **Stability via Full Recalculation:** We employ a "brute-force" full recalculation within `OnCalculate` for maximum stability.
- **Efficient Calculation:** The summation of Buying Pressure and True Range is handled by an efficient **sliding window sum** technique.
## 4. Parameters ## 4. Parameters
* **Period 1 (`InpPeriod1`):** The short-term lookback period. Default is `7`. - **Period 1, 2, 3 (`InpPeriod1`, `InpPeriod2`, `InpPeriod3`):** The three lookback periods for the oscillator. Defaults are `7`, `14`, `28`.
* **Period 2 (`InpPeriod2`):** The medium-term lookback period. Default is `14`. - **Candle Source (`InpCandleSource`):** Allows the user to select the candle type for the calculation (`Standard` or `Heikin Ashi`).
* **Period 3 (`InpPeriod3`):** The long-term lookback period. Default is `28`. - **Signal Line Settings:**
* **Candle Source (`InpCandleSource`):** Allows the user to select the candle type for the calculation (`Standard` or `Heikin Ashi`). - `InpDisplayMode`: Toggles the visibility of the signal line.
- `InpSignalPeriod`: The lookback period for the signal line.
- `InpSignalMAType`: The type of moving average for the signal line.
## 5. Usage and Interpretation ## 5. Usage and Interpretation
The Ultimate Oscillator is primarily used to identify divergences, which are its most reliable signals. The Ultimate Oscillator is primarily used to identify divergences, which are its most reliable signals.
* **Bullish Divergence (Primary Buy Signal):** - **Bullish Divergence (Primary Buy Signal):**
1. The price makes a **lower low**, but the UO makes a **higher low**. 1. The price makes a **lower low**, but the UO makes a **higher low**.
2. The low of the UO during the divergence should be **below 30**. 2. The low of the UO during the divergence should be **below 30**.
3. A buy signal is triggered when the UO subsequently breaks **above the high** it made during the divergence. 3. A buy signal is triggered when the UO subsequently breaks **above the high** it made during the divergence.
* **Bearish Divergence (Primary Sell Signal):** - **Bearish Divergence (Primary Sell Signal):**
1. The price makes a **higher high**, but the UO makes a **lower high**. 1. The price makes a **higher high**, but the UO makes a **lower high**.
2. The high of the UO during the divergence should be **above 70**. 2. The high of the UO during the divergence should be **above 70**.
3. A sell signal is triggered when the UO subsequently breaks **below the low** it made during the divergence. 3. A sell signal is triggered when the UO subsequently breaks **below the low** it made during the divergence.
* **Caution:** Larry Williams specifically designed the indicator so that its divergence signals would be the most reliable. Simple overbought/oversold readings are generally not recommended as primary signals. - **Signal Line Crossovers:** If the signal line is enabled, its crossovers with the UO line can provide earlier, shorter-term momentum signals, similar to a MACD or Stochastic.
- **Caution:** Larry Williams specifically designed the indicator for its divergence signals. Simple overbought/oversold readings or signal line crossovers should be used with more caution.