Free TradingView Indicator by AlgoAlpha — Trend Following
Introducing the "Super Fisher" by AlgoAlpha, a sophisticated and versatile tool crafted for the discerning trader. This innovative indicator merges the precision of the Fisher Transform with the adaptability of the SuperTrend methodology, offering a fresh perspective on market analysis.
Tailor the indicator to your trading style with adjustable inputs like "Fair-value Period" and "EMA Length". Choose your preferred "Up Color" and "Down Color" for a personalized visual experience.
At the heart of this tool is the Fisher Transform, an algorithm renowned for pinpointing potential price reversals by normalizing asset prices.
This feature adds a layer of trend analysis, using the refined Fisher Transform values to generate dynamic, trend-following signals.
Clearly distinguishable bullish and bearish market phases, thanks to the color-coded plots of Fisher Transform and SuperTrend values.
Visual plots and fills for these levels provide additional insights into market extremities.
Stay informed with alerts for critical market movements like crossing the zero line or the SuperTrend.
The "Super Fisher" operates on a sophisticated algorithm:
It starts by calculating the Detrended Price Oscillator (DPO) and its standard deviation. These values are then transformed using the Fisher Transform formula, which is subsequently smoothed with a Hull Moving Average.
The SuperTrend function employs the Fisher Transform values to create a dynamic trend-following tool. It calculates upper and lower bands and determines which one to use for market direction based on whether the fisher is above or below the bands, offering an insightful view of the price trend.
The tool plots specific levels to indicate overbought and oversold conditions, aiding in the identification of potential reversal points.
Here's a closer look at the core calculations:
Calculates the Fisher Transform:
To maximize the potential of the "Super Fisher", follow these steps: 1. Customize Settings: Adjust the inputs to match your trading preferences. This includes setting the periods for the Fisher Transform and SuperTrend, as well as choosing colors for better visualization. 2. Analyze the Market: Observe the Fisher Transform and SuperTrend plots to gauge market direction. Pay special attention to color changes, as they indicate shifts in market sentiment. 3. Identify Extremes: Use the overbought and oversold plots to understand potential reversal points. 4. Set Alerts: Utilize the alert functionality to stay informed about significant market movements, ensuring you never miss an opportunity.
In summary the "Super Fisher" is a comprehensive market analysis tool designed to enhance your trading insights and decision-making process.
Explore other trend following TradingView indicators by AlgoAlpha.
Free on TradingView
SuperTrend Fisher is free to use on TradingView. Add it to any chart in seconds.