The Ehlers Fisher Transform Signals Metatrader 5 forex indicator is the real Ehlers Fisher Transform indicator that is based on the creator’s (Ehlers Fishers) ideas that were introduced in his book.
The indicator is designed to offer forex traders two modes from which they can select from:
- The include current high and low in calculation (default).
- The Don’t include current high and low in calculation.
The indicator itself sits in a separate window, in the form of a dark gay ‘Signal’ line and a dual colored thicker line.
The dual colored line alternates its color between medium sea green and orange red, with both lines oscillating around the zero alert line.
The EUR/CAD H1 chart below displays the Ehlers Fisher Transform Signal Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lines of the Ehlers Fisher Transform Signals Metatrader 5 forex indicator break above the zero signal line.
Sell Signal: Go short when the lines of the Ehlers Fisher Transform Signals Metatrader 5 forex indicator falls below the zero signal level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the lines of the Ehlers Fisher MT5 indicator fall below the zero center line.
Exit sell trade: Close all sell orders if while a bearish trend is running, the lines of Ehlers Fisher indicator surge above the zero signal level.
Tips: In comparison with when the “include current bar high and low in the calculation”, it tends to lag more behind than the “don’t include current bar high and low in calculation”.
Users can use this tool as a trend validator, while in conjunction with other technical indicators.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Calculation mode, Price), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | oscillator
Copy and paste the Ehlers Fisher transform (original).ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)