Fisher ForLoop [InvestorUnknown]

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Overview

The Fisher ForLoop indicator is designed to apply the Fisher Transform over a range of lengths and signal modes. It calculates an array of Fisher values, averages them, and then applies an EMA to these values to derive a trend signal. This indicator can be customized with various settings to suit different trading strategies.

User Inputs

1. Start Length (a): The initial length for the Fisher Transform calculation (inclusive).
   
2. End Length (b): The final length for the Fisher Transform calculation (inclusive).
   
3. EMA Length (c): The length of the EMA applied to the average Fisher values.
   
4. Calculation Source (s): The price source used for calculations (e.g., ohlc4).
   

Signal Calculation

Signal Mode (sigmode): Determines the type of signal generated by the indicator. Options are "Fast", "Slow", "Thresholds Crossing", and "Fast Threshold".
1. Slow: is a simple crossing of the midline (0).
2. Fast: positive signal depends if the current Fisher EMA is above Fisher EMA or above 0.99, otherwise the signal is negative.
3. Thresholds Crossing: simple ta.crossover and ta.crossunder of the user defined threshold for Long and Short.
4. Fast Threshold: signal changes if the value of Fisher EMA changes by more than user defined threshold against the current signal

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Visualization Settings

• Bull Color (colup): The color used to indicate bullish signals.
  
• Bear Color (coldn): The color used to indicate bearish signals.
  
• Color Bars (barcol): Option to color the bars based on the signal.
  

Custom Function: FisherForLoop

This function calculates an array of Fisher values over a specified range of lengths (from a to b). It then computes the average of these values and applies an EMA to derive the final trend signal.

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Important Considerations

• Speed: This indicator is very fast and can provide rapid signals for potential entries. However, this speed also means it may generate false signals if used in isolation.
  
• Complementary Use: It is recommended to use this indicator in conjunction with other indicators and analysis methods to confirm signals and enhance the reliability of your trading strategy.
  
• Strength: The main strength of the Fisher ForLoop indicator is its ability to identify very fast entries and prevent entries against the current (short-term) market trend.
  

This indicator is useful for identifying trends and potential reversal points in the market, providing flexibility through its customizable settings. However, due to its sensitivity and speed, it should be used as part of a broader trading strategy rather than as a standalone tool.

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Phát hành các Ghi chú

- Added option to choose different type of Moving Average

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- Adjusted signal calculation for the "Fast" signal to work well with different types of the Moving Average

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- Added Alerts

barconfirm = input.bool(false, "Wait for bar close for Alert?", group = "Alert Settings")

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