Fisher MetaTrader indicator | FREE Forex Trading Indicator
Fisher MetaTrader indicator is a straightforward histogram indicator that detects trend direction and strength and signals trend changes. Its code contains no standard MT4/MT5 indicators. Fisher’s calculations are based on the previous periods’ maximum and minimum price levels, with some advanced math calculations applied to the relationships between the current price and the max/min prices. The indicator is compatible with both MT4 and MT5. This is a “repainting” indicator, which means it recalculates previous bars when a new bar arrives.
- period (default = 10) — the period in bars, on which to calculate the maximum and minimum. The higher is the value the less false trend change signals occur but the more this indicator lags.
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On the chart example you see that the upward trends are marked with the green histogram lines, while the downward trends are marked with the red line. It’s easy to trade with this indicator. You can close short positions and go long when the lines’ color change from red to green. You can close long positions and go short when the lines’ change from green to red. With the default period setting (10) it was very accurate on EUR/USD H1 chart.
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