I've read the manual about how to trade with Ultimate Oscillator and its divergences and all. However, I very rarely see the oscillator line reach the overbought (70) and oversold (30) levels. I trade XAU/USD at H1. My setups are default as seen below. I saw the same occurrences with EUR/USD at H1. Hence, tentatively, I conclude the use of the indicator is not very useful for short and medium trading.
If someone could advise me setups that produce more opportunities, that'll be great. Thanks.