Fisher MetaTrader forex indicator — is quite a simple histogram forex indicator that detects the trend’s direction and strength and signals trend changes. Its code doesn’t use any standard forex MT4/MT5 indicators. Fisher bases its calculations on the previous periods’ max and min price levels, applying some best-advanced math calculations to the relations between the current chart price and the max/min prices. The forex indicator is available for both forex MT4 and MT5. This is a “repainting” forex indicator — it recalculates previous bars when a new bar arrives.
Input parameters
- Period (main default = 10) — the period in bars to calculate the maximum and min. The higher the value, the fewer false trend change signals occur, but the more this forex indicator lags.
Fisher forex indicator example
On the mt4 chart example above, you see that the upward market trends are marked with the green color histogram lines, while the downward trends are marked with red. It is easy to trade with this forex indicator. You can close short positions and go to long entry when the lines’ color changes from red to green. You can close long entry positions and go short when the lines change from green color to red. The default period setting (10) was accurate on the pair EUR/USD H1 chart. The problem is you have to wait for a few chart bars before acting on an entry signal because it may change due to repainting.
Fisher Forex Indicator Downloads
Fisher for MetaTrader 4 in .zip
Fisher for MetaTrader 5 in .zip
Discussion
Warning! If you do not know how to set up this forex mt4 indicator, please read the MetaTrader Indicators Tutorial.
Do you have any suggestions regarding this mt4 indicator? You can always discuss Fisher indicators with the other traders and MQL programmers on the indicators forums.
