Ultimate oscillator

The ultimate oscillator is a theoretical concept in finance developed by Larry Williams as a way to account for the problems experienced in most oscillators when used over different lengths of time.

[1] The oscillator is a technical analysis indicator based on a notion of buying or selling "pressure" represented by where a day's closing price falls within the day's true range.

The calculation starts with "buying pressure", which is the amount by which the close is above the "true low" on a given day.

The idea of the 7-, 14- and 28-day periods is to combine short, intermediate and longer time frames.

A sell signal is generated conversely on a bearish divergence above level 70, to be subsequently closed out below 30 (as oversold).