The Fisher Transform indicator is designed for MT5 and delivers solid buy and sell scalper signals based on the Fisher transform trading formula.
The indicator identifies short-term trend changes rapidly and fits both scalpers and day traders.
The indicator gets displayed in a separate chart window as two colored lines that cross above and below the 0.00 level.
How does it generate trading signals?
- Signals are formed when the zero line is crossed.
- A bullish signal occurs when both Fisher Transform lines cross above the 0 level.
- A bearish signal occurs when both Fisher Transform lines cross below the 0 level.
The following indicator inputs and variables can be modified: fisher period, colors, and style.
Tip for scalpers and daytraders:
The indicator yields optimal trading results when utilized during the trading sessions in London and New York.
Familiarize yourself with the Fisher Transform indicator and conduct thorough testing on a demo account before trading live with it.
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fishertransform.mq5 Indicator (MT5)
Chart Example
The picture below shows how the Fisher Transform Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Fisher Transform Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the Fisher Transform indicator crosses back above 0 from below (see chart example above).
- Open a buy trade and place a stop loss 3 pips below short-term support.
- Close the buy trade for a fixed pips profit target, for example, +17 pips on the 5-minute chart.
- Optional: hold the buy trade until a sell signal appears on the chart.
Sell Signal
- A sell signal is given when the Fisher Transform indicator crosses back below 0 from above.
- Open a sell trade and place a stop loss 3 pips above short-term resistance.
- Close the sell trade for a fixed pips profit target, for example, +10 pips on the 1-minute chart.
- Optional: hold the sell trade until a buy signal appears on the chart.
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fishertransform.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the fishertransform.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration