Ultimate Oscillator Metatrader 4 Indicator
The Ultimate Oscillator oscillates between overbought and oversold indicator readings. Readings above 70 suggest overbought levels. On the contrary, readings below 30 suggest oversold levels.
BUY: In uptrends: Wait for the Ultimate Oscillator to turn back above 30 from below.
SELL: In downtrends: Wait for the Ultimate Oscillator to turn back below 70 from above.
Use in conjunction with trend analysis tools (trend lines, moving averages,…) to determine the primary trend. Always trade with the prevailing trend.
GBP/USD Daily Chart Example