Fisher MetaTrader indicator — is a quite simple histogram indicator that detects direction and strength of the trend and signals trend changes. It doesn't use any standard MT4/MT5 indicators in its code. Fisher bases its calculations on the maximum and minimum price levels from the previous periods, applying some advanced math calculations to the relations between the current price and the max/min prices. The indicator is available for both MT4 and MT5. This is a "repainting" indicator — it recalculates previous bars when the new bar has arrived.

Input parameters:

  • 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.
 
Fisher Indicator Example MetaTrader Chart

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.

Downloads:

Fisher for MetaTrader 4 in .zip

Fisher for MetaTrader 4 in .mq4

Fisher for MetaTrader 5 in .zip

Fisher for MetaTrader 5 in .mq5

Discussion:

Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

Do you have any suggestions or questions regarding this indicator? You can always discuss Fisher with the other traders and MQL programmers on the indicators forums.