mohanee

Ultimate Oscillator [Long] Strategy

After I published Short Selling strategy with RSIofUO , I have been working for Long side strategy with same indicator.

but for Long strategy , I have used only the Ultimate Oscillator ... (Not the RSI of UO)

Logic behind this is , when UO goes below oversold level , high chance of possible reversal from there ...

Ultimate Oscialltor values , I have used are 5, 10 and 15

Signal Line 9
Above values are best/defaulted based on testing the strategy multiple symbols


BUY
when UO crossing up buyLine and close > open ( if the cross over is already done , it will wait for 3 candles to see a green bar i.e close>open )

Note when the bar color changes to orange , that means startegy is ready to take LONG position on next bar. But dont jump here , waith for the startegy take the Long Position :-)


Add
Signal appears when there is divergence (marked in yellow color ) ... strategy doesnt add the position , it is ony indicating you could add to existing OR if you missed the BUY signal you could enter here

Partial Exit
when UO crossing down partial exit level

Exit
When UO crossing down sell line

StopLoss
stop loss defaulted to 3%

Please note , I have slightly modified stop loss exit in this strategy.
Even though price hits 3% stoploss , strategy wont wind up the position ...
First , it will check if RSIofUO is above 30 , then it will hold on to the Long position.
Very reason behind this is , price is falling down and UO is going up ... That means there is bullish divergence here .. so it might turn this losing position to profitable one or will exit you with less than 3% loss.


Tested with SPY , QQQ , TSLA on 30mins to 4hrs. Though winning rate is average , net profit is exponential ...
Best working on 30 mins and 1 HR chart for QQQ


Warning
For the eductional purposes only ...
This is not a financial advise , before taking trading decission please do your own research
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.

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Comments

script not working.
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mohanee FloFiBots
@FloFiBots,

Is there any error ? can you share the screenshot of it ?
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FloFiBots mohanee
@mohanee, tried - study error regarding the starting amount on the strategy.
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