Ni6HTH4wK

[LAVA] UNO Overlay

EDIT: Ignore the comments... I can't get the update to show due to hard brackets "" being censored for some reason.... but they show up in here so this is where the updates will show.

This is the Ultimate (Nonlinear) Oscillator in overlay format. Took me a while to figure out the best configuration and finally found this one. From what I've observed, this is basically a support/resistance line indicator. When the candle moves thru the supporting/resisting line, its a entry/exit point or an indicator that the opposite side should be targeted depending on the market condition. Ignore the wicks as they go thru the line constantly.

Go here to see updates...
http://pastebin.com/vziz8rzd
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
study(title="[LAVA] Ultimate Nonlinear Oscillator", shorttitle="UNO_L", overlay=true)

length7 = input(7, minval=1), length14 = input(14, minval=1), length28 = input(28, minval=1)

average(bp, tr_, length) => sum(bp, length) / sum(tr_, length)

lowers = highest(low, length14)
uppers = lowest(high, length14) 
high_ = max(high, close[1])
low_ = min(low, close[1])
bp = close - low_
tr_ = high_ - low_
tp_ = uppers - lowers
avg7 = average(bp, tr_, length7)
avg14 = average(bp, tr_, length14)
avg28 = average(bp, tr_, length28)

out = 100 * (4*avg7 + 2*avg14 + avg28)/7
upper = uppers-out*(tp_*.015)
lower = lowers+out*(tp_*.018)

p2 = plot(lower, color=#00FF00, title="UNO TOP")
p3 = plot(upper, color=#FF0000, title="UNO BOT")