Fisher Transform MTF MT5
- Indicators
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Evgenii Sutulov
Premium components
1. https://www.mql5.com/en/market/product/201632 - Rotation Manager Console - Version: 1.3
An oscillator built to turn sharply instead of drifting, so a reversal looks like a reversal. Fisher Transform MTF normalises price into a fixed range and pushes it through Ehlers' transform, which stretches the extremes until turns become unmistakable, then grades every turn by whether it came from beyond the extreme level or from the middle of the range. Any higher timeframe on any chart, closed senior bars only. It is free: no trial, no locked features, no upgrade page.
The median price is normalised into a band between minus and plus one half over a window, smoothed by a light recursion and clamped just short of the limits, then put through the Fisher transform, one half of the natural logarithm of one plus the value over one minus it. The transform is what turns a bounded, well behaved series into one with sharp extremes.
The trigger in Ehlers' definition is not a separate smoothing; it is the line itself one bar back. A crossing of the line and its trigger is therefore exactly the line turning, which is what makes the signal here a turn rather than an opinion about one. The extreme level only grades: a turn from beyond it is graded two, a turn from the middle of the range is graded one, and nothing is filtered away.
What is on the chart
In its own sub window: the Fisher line and its trigger, and the turn histogram between them, coloured by whether the turn is expanding or fading. Divergence lines are drawn on the Fisher line and, if you want them, between the matching pivots on the price chart as well.
The panel
A canvas panel on the price chart, draggable, collapsible, closeable. It shows the timeframe in force and the setting values actually being used. It says what the last closed bar was: a BUY signal, a SELL signal, or neither. And it says whether the numbers on screen came from the properties dialog or from the panel, and how many of them were changed by hand.
Below that sit the settings the panel can move, with their current values. The gear opens a three-tab sheet.
Values covers the timeframe, the window price is normalised over, nine by default, the extreme level of 1.5 which grades a turn two instead of one, and the three divergence rows. Styles covers the palette, the line and its trigger, the line width, and the turn histogram. Every Values row has steppers, a range and a sentence of help.
The Alerts tab covers the master switch, the per event switches, the channels, the cooldown in minutes and a test alert.
Three colour schemes: dark, light, and a colour-blind safe one that uses blue and orange rather than red and green. Everything about the panel, including every value changed on the sheet, is stored per chart and survives a timeframe change and a terminal restart. The interface is English.
Alerts
Off out of the box. Six events: a BUY signal, a SELL signal, a bullish divergence, a bearish divergence, the line crossing above zero, and the line crossing below zero. Each has a switch of its own.
Channels: a popup window, a sound, a push to the mobile terminal and e-mail. There are per-event and per-channel switches, and a cooldown that defaults to two hours.
Alerts fire on the last closed bar. Two further alerts, off by default, speak on the forming bar within a chosen number of seconds of its close, and they are labelled early because a flip that exists mid-bar can un-happen. Telegram is not part of this product.
Multi-timeframe
The Timeframe setting computes on a higher timeframe and draws the result here. Only closed senior bars are read: a chart bar shows the newest senior bar that had already closed by that chart bar's own close, so the flip lands on the bar that closes together with the senior bar, and nothing is drawn that could not have been known in real time.
The foreign series is built in the background. The first read of it can come back empty, the indicator retries, and the panel says whether it is waiting for a download or looking at a genuine shortage of history. It never fails initialisation over missing bars.
Reading it from an EA
Nine buffers, all readable through iCustom and CopyBuffer. Buffer 0 is the Fisher line and buffer 1 is the trigger, which in Ehlers' own definition is the Fisher line itself shifted one bar back. Buffer 2 is the turn histogram, the distance between the line and its trigger, and buffer 3 is the colour index that paints it. Buffer 4, Signal, is +1 on a BUY bar, -1 on a SELL bar and 0 otherwise. Buffer 5 is the grade of that signal. Buffer 6 carries the divergence marks, +1 bullish and -1 bearish. Buffer 7 is the zero line and buffer 8 is Override.
This product has no separate Buy and Sell price buffers, because there is no price to put an arrow at in a sub window. The signal is buffer 4 and it is the contract: filled on every pass whatever the Styles tab says, and present in the Data Window. Hiding a plot is done by taking its colour away and never by emptying a buffer, so every index above stays readable with the display switches off.
An instance created by iCustom is read only and always uses the parameters you passed. The Override buffer lets a strategy detect that a chart instance is running on numbers changed by hand from the panel.
Provenance
This is a port of the Ehlers Fisher Transform. John Ehlers' mathematics is public and the indicator is built into TradingView, which makes a port by formula admissible. Two deviations are declared: the normalising window is progressive on the first bars where Pine returns nothing and both recursions start from zero, which is what Ehlers' own nz does; and on the very first bar the trigger equals the line, so the histogram there is zero rather than a jump.
The product is called Fisher Transform MTF because that is the name of the method, not because authorship of the method is claimed here. The original work belongs to its author.
Honest limits
The oscillator is live on the forming bar. A cross that exists mid-bar can be absent at the close, and the panel line and the grade go with it. Closed bars do not change.
The transform exaggerates by design. Extreme readings are what it is built to produce, and their frequency is a property of the transform rather than a measure of how unusual the market is.
The grade describes where the turn began, not how likely it is to hold. A grade two turn started from further out. That is all it says.
The normalising window moves every turn the product will ever mark. A short window turns constantly, a long one rarely, and neither of the two settings is the correct one.
No profit figure, win rate or backtest result is claimed here.
