Small modification to stock UO code to highlight lows / highs. This helps to see the trend easily. The length to check for high/low is configurable (lengthSlope), I am yet to find the optimal setting but 30 looks nice so far.
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
// // @author LazyBear // @credits This is derived from the stock UO code at TV // study(title="Ultimate Oscillator Bars [LazyBear]", shorttitle="UO_BARS [LazyBear]") length7 = input(7, minval=1), length14 = input(14, minval=1), length28 = input(28, minval=1) lengthSlope = input(1) average(bp, tr_, length) => sum(bp, length) / sum(tr_, length) high_ = max(high, close[1]) low_ = min(low, close[1]) bp = close - low_ tr_ = high_ - low_ avg7 = average(bp, tr_, length7) avg14 = average(bp, tr_, length14) avg28 = average(bp, tr_, length28) out = 100 * (4*avg7 + 2*avg14 + avg28)/7 plot(out, color=red, title="UO") bgcolor(falling(out, lengthSlope) ? red : (rising(out, lengthSlope) ? green : blue), transp=50)