The Ultimate Oscillator indicator (UO) is a technical analysis tool used to measure momentum across three varying time frames. The problem with many momentum oscillators is that after a rapid advance or decline in price, they can form false divergence trading signals. For example, after a rapid rise in price, a bearish divergence signal may present itself, however the price continues to rise. The ultimate Oscillator attempts to correct this by using multiple time frames in its calculation as opposed to just one time frame which is what is used in most other momentum oscillators.
Read more about the Ultimate Oscillator
in TradingView wiki.