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Indicators

Ehlers fisher transform of rsi(OMA) - indicator for MetaTrader 5

Mladen Rakic

Views:
772
Rating:
votes: 8
Published:
2018.10.05 10:46

Basics :

Original Ehlers fisher transform is using an adjusted RSI in a fisher transform calculation in order to further normalize and emphasize the RSI values in order to be able to spot market conditions in easier way.

This version :

It is adding 2 steps :

  • floating levels usage option
    • in case that the floting level is not to be used, setting the floating level period to less than or equal to 1 will turn the level from floating to fixed levels
  • filtering out the prices prior to be used in calculation (averaging the price is used for that purpose - hence the name ris(OMA) - rsi of moving average)
  • usual set of average types can be used for price filtering :
    • simple moving average (SMA)
    • exponential moving average (EMA)
    • smoothed moving average (SMMA)
    • linear weighted moving average (LWMA)

Usage :

You can use the color changes of the indicator as signals

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