Ultimate Oscillator [UltOsc]

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The Ultimate Oscillator function combines the price action from three different time periods into a single oscillator. Parameters ------------------ Close               The closing price of the security for each given day. High                 The high price of the security for each given day. Low                  The low price of the security for each given day. Short Period      The short time period to include, typically 7 bars. Middle Period    The middle time period to include, typically 14 bars. Long Period       The long time period to include, typically 28 bars. Note that while this function is intended for use with these specific values, any values can be used for these parameters, including other price values and averaged prices. Indicator Value ------------------------ The Ultimate Oscillator is calculated by comparing the Buying Pressure to the True Range for three different time periods. The Buying Pressure compares the Close of the current bar to the True Range Low of the previous bar. The True Range uses the maximum of the current High and the previous Close, and the minimum of the current Low and the previous Close to determine a price spread. Values range between 0 and 100. A price is considered to be oversold if it is below 30 and overbought if it is above 70. Source ------------ The Ultimate Oscillator was developed by Larry Williams and presented in "Technical Analysis of Stocks and Commodities" in 1985.