The Ultimate Oscillator for MT4 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
How to install the Ultimate Oscillator custom indicator in Metatrader 4?
- Download the Ultimate Oscillator.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.