The Fish Metatrader 5 custom forex indicator is a variant of the Fisher Transform indicator implemented in the form of color histogram.
The Fisher Transform was created by J.F. Ehlers and uses it to transform prices into a Gaussian normal distribution.
A lot of currency traders will find the Fish MT5 indicator very attractive due to the fact that it generates prompt buy and sell alerts than other leading indicators.
Traders who are gunning for leading indicators instead of lagging indicators should adopt the Fish MT5 forex indicator.
The crossovers at the Fish Metatrader 5 indicator extremes generates buy and sell alerts, denoted by the varying colored histograms
The USD/CHF M30 chart below displays the fish Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the histograms (deep sky blue & lime green) of the fish Metatrader 5 forex indicator break above the zero level.
Sell Signal: Go short when the histograms (dark orange & violet) of the fish Metatrader 5 forex indicator break below the zero level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the fish Metatrader 5 custom forex indicator forms a histogram below the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the fish Metatrader 5 custom forex indicator forms a histogram above the zero level.
Tips: The fish Metatrader 5 indicator is suitable for all kind of traders, particularly short-term investors.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the fish.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)