The Fisher Transform indicator was originally designed in 2002 by John Ehlers.
Hence, the Fisher Transform indicator is also tagged Ehlers indicator.
The Fisher org v1 Metatrader 5 forex indicator was initially written in MQL4 before getting modified in the MT5 version.
Using few words to describe the Fisher org v1 Metatrader 5 forex indicator, it displays the current price movement, and the set levels repeatedly act as turning points.
Its major feature is the tendency:
- If the Fisher_org_v1 MT5 forex indicator grows, the referenced market will grow as well.
- If the Fisher_org_v1 MT5 forex indicator falls, the referenced market will fall as well.
The line of the indicator oscillates around the zero level within its window, while altering the line color between blue and red.
The EUR/USD H4 chart below displays the Fisher Transform Org V1 forex indicator in action
Basic Trading Signals
Buy signal: Go long when the line of the fisher_org_v1 indicator breaks and hovers above the 0.00 level.
Sell Signal: Go short when the line of the fisher_org_v1 indicator breaks and hovers below the 0.00 level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the fisher_org_v1 indicator dips below the 0.00 level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the fisher_org_v1 MT5 fx indicator surges above the zero level.
Tips: The line of the fisher_org_v1 MT5 fx indicator alters its color between red and blue to illustrate bearish and bullish market conditions respectively.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: 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 fisher_org_v1.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)