It is controlled through one single input – the band edge – which basically is frequency. The smaller it is set, the less lag there is, but you may see lot of whipsaws. Built-in automatic gain control normalizes the output to vary between the range of -1 to +1.
Mr. suggests a straightforward system:
- Buy when long-term Universal Oscillator crosses above zero
- Sell when long-term Universal Oscillator crosses below zero
I have added options to draw a signal line, histogram and bar coloring. Bar coloring, if enabled, is done using the histogram color, but you can change it easily to signal_cross by uncommenting a line (check the source).
Whiter is Brighter -
List of my other indicators:
- GDoc: https://docs.google.com/document/d/15AGC...
// // @author LazyBear // List of all my indicators: // https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing // study("Universal Oscillator [LazyBear]", shorttitle="UNIOSC_LB") bandedge= input(20, title="BandEdge") showHisto=input(true, type=bool, title="Show Histogram?") showMA=input(false, type=bool, title="Show Signal?") lengthMA=input(9, title="EMA signal length") enableBarColors=input(false, title="Color Bars?") whitenoise= (close - close)/2 a1= exp(-1.414 * 3.14159 / bandedge) b1= 2.0*a1 * cos(1.414*180 /bandedge) c2= b1 c3= -a1 * a1 c1= 1 - c2 - c3 filt= c1 * (whitenoise + nz(whitenoise))/2 + c2*nz(filt) + c3*nz(filt) filt1= iff(cum(1) == 0, 0, iff(cum(1) == 2, c2*nz(filt1), iff(cum(1) == 3, c2*nz(filt1) + c3*nz(filt1), filt))) pk= iff(cum(1) == 2, .0000001, iff(abs(filt1) > nz(pk), abs(filt1), 0.991 * nz(pk))) denom= iff(pk==0, -1, pk) euo=iff(denom == -1, nz(euo), filt1/pk) euoMA=ema(euo, lengthMA) hline(0) plot(showHisto ?euo:na, style=histogram, color=euo>0?green:red, title="Histogram") plot(euo, color=maroon, linewidth=2, title="EUO") plot(showMA?euoMA:na, color=teal, title="Signal", linewidth=1) barcolor(enableBarColors?euo>0?green:red:na) //Use this if signal cross should be used for barcoloring. //barcolor(enableBarColors?(euo>euoMA ? green : red):na)
I find Ehlers Universal Oscillator useful but the signals are short term unless a user can identify an overall trend. Here I offer a chart with several notations to help assist users. Please see chart notations. Not all "signals" or signs are noted. Focus on how I use the Zscore trend to filter trend, then use the UNIOSC_LB for trading purposes. Tradres could either scalps by enter/exit with each cross of UNIOSC signal or scale in for position trades.
Of note: when overlapping indicators which I happen to do often, please check your Indicators "Properties" toggle for scaling as this is very necessary for proper indicator presentation. The default location for TV indicators is to scale on the right, when you attempt to overlap another indicator TV assumes you want the second indicator scale to be on the left so you may see the indicator readings. Please change the "scale left" on the second indicator to "scale right" so both indicators may align their respective Zero Lines together. Otherwise you with have improper readings. Now of course, not all indicators are scaled/measured in the same manner, indicator scales have to compliment one another. Hence my choosing Zscore which goes from Zero to a determined standard deviation of 2.0 in this instance set by me. And the UNIOSC_LB scales from Zero as well and within the Zscore readings up to 2.0. So for example, users cant put a WPR% with negative readings 0 to negative 100 on a scale of RSI as that reads in the oppostive manner 0 to 100. Just something to think about as screen real estate is important to some Charters.