Fisher Transform Background Stripes

The "Fisher Transform Background Stripes" indicator is an easy-to-use tool that helps traders identify extreme market conditions using the Fisher Transform, a technical indicator that normalizes price data to highlight potential reversals. It displays colored background stripes on your chart to show when the market is oversold or undersold, making it simple to spot trading opportunities.

How It Works:Fisher Transform Calculation: The indicator calculates the Fisher Transform based on a user-defined period (default: 9), using the average of high and low prices to measure market momentum and identify extreme price movements.

Oversold/Undersold Levels: It highlights when the Fisher Transform is above a user-set oversold level (default: 3.0) with red background stripes, or below an undersold level (default: -2.0) with green background stripes.

Visual Feedback: Red and green stripes appear on the chart to mark oversold or undersold conditions, helping you quickly understand market extremes.

Customization: You can adjust the Fisher Transform period, oversold/undersold levels, background colors, and transparency. You can also enable an optional Fisher Transform plot or display values on the chart for debugging.

Wait for Close Option: You can choose whether the indicator waits for the timeframe’s candle to close before showing stripes, ensuring more reliable signals.

Alerts: Optional alerts notify you when the Fisher Transform crosses into oversold or undersold zones (always using confirmed values for accuracy).

Who It’s For: This indicator is ideal for beginner and intermediate traders looking for a clear, visual way to track extreme market conditions and potential reversals using the Fisher Transform.

Key Features:Colored background stripes for oversold (red) and undersold (green) conditions.

Customizable settings for period, levels, colors, and transparency.
Option to wait for candle close for more accurate signals.
Optional Fisher Transform plot and value display for analysis.
Alerts to notify you of key Fisher Transform level crossings.

This indicator provides a straightforward way to monitor market extremes and make informed trading decisions.