UltraAlgo Review 2023 – Is Ultra Algo worth it ?

UltraAlgo Review 2023  :- UltraAlgo is a trading signals service that generates buy and sell signals for stocks, forex, cryptocurrencies, and more. Signals are based on an algorithm that considers 15 technical indicators, and UltraAlgo makes it easy to see how accurately the signals have performed for a particular asset. This platfrom can be used to confirm trade setups user’s following or to find the optimal price target for a specific asset under current conditions. Should you be using this trading signal service? Read our review of UltraAlgo and find out now.

Pros

  • Buy and sell signals for stocks, forex, crypto, and more
  • Compatible with TradingView and TradeStation
  • Provides backtest results over a user-defined timeframe
  • Adjustable sensitivity, profit target, and stop loss
  • 7-day free trial

Cons

  • Does not provide chart annotations
  • While adjustable, the algorithm itself is a black box

About UltaAlgo

UltraAlgo is a trading signals service that generates buy and sell signals for stocks, forex, cryptocurrencies, and more. Signals are based on an algorithm that considers 15 technical indicators, and UltraAlgo makes it easy to see how accurately the signals have performed for a particular asset. UltraAlgo has a standalone trading platform but can also be integrated with TradingView and TradeStation.

In our UltraAlgo review, we’ll take a closer look at this algorithmic trading service to help you decide if it’s right for you.

UltraAlgo - Homepage

UltraAlgo Pricing Options

UltraAlgo costs $79 per month and comes with a 7-day free trial.

Compatible Platforms

UltraAlgo was originally built as an add-on for TradingView and can be added to TradingView charts like any other script. It is available even for free TradingView accounts. It also works with TradeStation’s desktop trading platform.

UltraAlgo recently launched its own web-based trading platform that uses TradingView charts and mimics much of the functionality of the TradingView script. We found the UltraAlgo platform to be a little bit clunky and more limited in functionality compared to using UltraAlgo within TradingView. The UltraAlgo platform supports broker integrations with Interactive Brokers, TD Ameritrade, and Alpaca.

UltraAlgo - Web Platform

UltraAlgo Buy and Sell Signals

UltraAlgo generates buy and sell signals for stocks, ETFs, forex, cryptocurrencies, and all other assets that can be charted in TradingView. It can be used on any timeframe.

Signals are generated using an algorithm that incorporates 15 popular technical indicators including VWAP, RSI, Bollinger Bands, relative volume, and moving averages.

Buy and sell signals are plotted directly on charts in real-time, making them very straightforward to follow. In TradingView, you can even set up alerts to be notified when a new buy or sell signal is issued.

UltraAlgo - Signals

One of the unique features of UltraAlgo is that it provides performance details about its signals in a table below your chart. For any asset, you can choose a backtest window and see the number of trades that UltraAlgo recommended, the percentage of those trades that were profitable, and the profit/loss ratio for those trades. So, traders know exactly how well UltraAlgo is working and to what extent they can trust the signals.

This is especially useful when adjusting UltraAlgo’s parameters, since you can instantly see whether the algorithm’s win rate increases or decreases when changing the sensitivity or other parameters. There are several ways that you can adjust UltraAlgo’s signals:

  • Sensitivity: UltraAlgo’s sensitivity ranges from 1-15 in increments of 0.1. Increasing the sensitivity results in more buy and sell signals.
  • Profit target and stop loss: You can specify the profit target and stop loss (in percentage points) to be used for backtested trades.
  • Indicator weights: UltraAlgo’s base algorithm weights all 15 of the indicators it uses equally. However, you can choose to give more weight to specific types of moving averages (including exponential and weighted moving averages). This slightly changes when each buy and sell signal is triggered.
  • Institutional activity: UltraAlgo’s algorithm incorporates institutional buying and selling activity when calculating signals. You can adjust the weight given to institutional activity on a scale from 1-5.

Modifying these parameters can have a big impact on how well UltraAlgo performs. For example, for a single stock, changing the sensitivity alone resulted in a backtested performance range from 31%-49%.

UltraAlgo - Settings

How Does UltraAlgo Compare?

UltraAlgo Review :- UltraAlgo is one of several algorithmic trading services designed for TradingView. Similar add-ons include CobraAlgo and SimpleAlgo, although both of these provide a degree of automated technical analysis (including identifying support and resistance areas) in addition to generating buy and sell signals.

What makes UltraAlgo unique is that the algorithm is always backtesting itself and presenting details about its own performance. This is extremely valuable since you can see how reliable UltraAlgo has been for a particular asset over any timeframe, including over recent timeframes if there is a change in volatility. In effect, it gives you actionable information about whether and to what degree to trust UltraAlgo’s signals.

Being able to modify the profit target and stop loss used for the backtests is also very helpful, since you can find the optimal risk/reward ratio for profiting from UltraAlgo’s signals.

What Type of Trader is UltraAlgo Best For?

UltraAlgo is designed for day traders who want actionable buy and sell signals to supplement their own analysis. It can be used to confirm trade setups you’re following or to find the optimal price target for a specific asset under current conditions.

Notably, UltraAlgo doesn’t provide much assistance with charting or interpreting technical indicators outside of the buy and sell signals it issues. Given that the algorithm itself is a black box, traders will need to be comfortable assessing UltraAlgo’s signals in the context of their own technical analysis. Traders who want automated assistance with technical charting may be better served by a platform like TrendSpider, which identifies support and resistance bands and trendlines.

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Dheeru Rajpoot

I am Dheeru Rajpoot an Entrepreneur and a Professional Blogger from the city of love and passion Kanpur Utter Pradesh the Heart of India. By Profession I'm a Blogger, Student, Computer Expert, SEO Optimizer. Google Adsense I have deep knowledge and am interested in following Services. CEO - The Rajpoot Express ( Dheeru Rajpoot )

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