The Ultimate Oscillator indicator for Metatrader 5 is momentum driven and indicates overbought and oversold levels on the trading chart.
This indicator oscillates between the oversold 30 level and the overbought 70 level.
The Ultimate Oscillator indicator should be combined with a trend indicator to get the best out of it.
How to spot buy and sell trends with it?
- The trend is considered oversold when the Ultimate oscillator reaches the 30 level.
- The trend is considered overbought when the Ultimate oscillator reaches the 70 level.
The indicator contains the following inputs and parameters: first momentum period, second momentum period, third momentum period, overbought level, and oversold level.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Ultimate_Oscillator.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Ultimate Oscillator indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Ultimate Oscillator Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the Ultimate oscillator touches the 30 oversold level and the overall trend is upward.
- Open a buy transaction and place your stop loss below the most recent swing low.
- Close the buy trade at key resistance, or wait for a sell signal.
Sell Signal
- A sell signal is given when the Ultimate oscillator touches the 70 overbought level and the overall trend is downward.
- Open a sell transaction and place your stop loss above the most recent swing high.
- Close the sell trade at key support, or wait for a buy signal.
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Ultimate_Oscillator.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Ultimate_Oscillator.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration