Color coded UO — Indicator by LazyBear

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

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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Want to use this script on a chart?

//
// @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)