The Ehlers Fisher MTF forex indicator for MT4 is a popular dual-colored buy and sell signals oscillator that works on multiple time frames.
Ehlers Fishers works well for finding short-term trade opportunities in established market trends.
The Ehlers Fishers indicator oscillates above and below its neutral zero line (0.00).
- When the Ehlers Fishers indicator breaks above the zero line from below, the short-term trend changes from negative to positive (look to buy).
- When the Ehlers Fishers indicator breaks below the zero line from above, the short-term trend changes from positive to negative (look to sell).
In brief, when the Ehlers Fishers indicator draws green bars, the short-term trend is up.
When the Ehlers Fishers indicator draws red bars, the short-term trend is down.
In order to avoid trading against the longer-term trend, combine the indicator with a longer period moving average (type: SMA, EMA).
Combine for example with: 200 period SMA or 100 period EMA.
Longer-term trend up? Trade the green Ehlers Fishers bars.
Longer-term trend down? Trade the red Ehlers Fishers bars.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The EUR/USD 5-Minute chart below displays the Ehlers Fishers MTF Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Ehlers Fishers MTF MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate buy trade when the Ehlers Fishers MTF bars turn green from red. The short-term trend is up.
Place a stop loss below support or use your own preferred SL method.
Sell Signal: Initiate sell trade when the Ehlers Fishers MTF bars turn red from green. The short-term trend is down.
Place a stop loss above resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (time frame, period, price type, price smoothing, index smoothing, alerts) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the ehlers-fisher-transform-mtf.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)