This strategy is based on this indicator and exponential moving average. If both signals work at the same time, I open the position.
First, this strategy looks for the divergences (a minimum/maximum on the price chart is not supported by a minimum/maximum of the Ultimate Oscillator).Second, it checks if the indicator was above/below a specific level and started falling/rising. Some people believe that this indicator shows only the overbought/oversold levels, but the logic that was used is more complex.
NOTE: Ultimate Oscillator indicator should be manually added for the strategy to work correctly. It can be found by link: http://www.actfx.com/Download50056.aspx