This here is a non-repainting indicator where I use inverse Fisher transformation and smoothing on the well-known CCI (Commdity Channel Index) momentum indicator.
"The Inverse Fisher Transform" describes the calculation and use of the inverse Fisher transform by Dr . Ehlers in 2004. The transform is applied to any indicator with a known probability distribution function. It enables to transform an indicator signal into the range between +1 and -1. This can help to eliminate the noise of an indicator. The CCI is an momentum indicator which describes the distance of the price to the average price.
For smoothing I used the Hann Window and NET (Noise Elimination Technique) methods.
It is usually used to spot potential trend reverals or mean-reversion (against the trend) trades on lower timeframes. IMO it can be even used to spot trend-following trades. It always depends on which settings you have, which timeframe do you use and which indicators you combine with it. The suggested timeframe for this indicator is 15 min (with the length setting on 50).
The histogram with adaptive mode enabled could be used as filter applied on the buy and sell signals. The divergence analysis can help to spot additional entries/exits or confirm the buy and sell signals.
Always try to find the best settings! This indicators has a lot of customization options you should take advantage of.
Signals
The indicator uses the following logic to generate the buy and sell signals:
Normal Buy -> When CCI and MA go above the top band (usually +100) and cross Sell -> When CCI and MA go below the the bottom band (usually -100) and cross
Fisherized Buy -> When CCI and MA go above the the zero line and cross Sell -> When CCI and MA go below the the zero line and cross
Have fun with the indicator! I am open for feedback and questions. :)
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Updated timeframe-realted bug Removed MA price source options Added more signal modes and updated the old ones (if you like the old signal methods more tell me, now fisherized version uses not anymore the zero line for overbought/oversold determination) Added trend detection (used for the new auto signal mode!) and plot Added Kalman filter Added more MAs to select Fixed IFT CCI calculation bug
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Fixed wrong Hilbert Transform calculation
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Renamed adaptive mode "Cycle Period" to "Median" Included "Adaptive" in title Added new adaptive mode "Homodyne Discriminator"
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Fixed Inphase-Quadrature Transform calculation
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Added long/short exit system Updated default values Added tooltip to trend sensitivity Added option to disable divergence line plot Fixed smoothing by applying it on the raw price (before the indicator calculation)
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Restructured settings input Optimized divergence colors (light purple -> bullish, dark purple -> bearish) Optimized scaling and linewidth Added alerts for long and short exits Fixed missing exits bugs
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Just to update the wrong chart picture
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Fixed a plot bug when NET is enabled Fixed a bug in the auto signal mode when NET is enabled Made bands transparent Normalized adaptive histogram to fit to the indicator
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Added additional exit signals for auto signal mode Now it exits long and short positions on switch to sidetrend too
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Updated trend follower signal mode
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Sorted MA types Fixed wrong alert condition
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Removed COVWMA, because of very bad results Updated default values Fixed KAMA trend sensitivy determination Added quicker exits when fisherization (IFT) is turned on
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Removed the MA types COVWMA and VIDYA Fixed the bug: wrong volume used in VWMA calculation when another timeframe is selected Renamed timeframe titles Added new signal mode "Fast Overbought/Oversold" which instantly triggers when Overbought/Oversold area is reached
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Fixed bug where tr didn't use the custom timeframe
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Added something to the bug fix before
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Removed wrong Kalman filter
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Removed 34 as max length of Homodyne Discriminator
nice work dear, but you need to re check the calculation is may be wrong as warn by pine compiler
simwai
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@Nagendra_Singh, I checked the warnings and they shouldn't be a problem, because when a feature is enabled that code gets executed all of the time. The warnings come mostly from code inside of functions, but because the functions are executed all of the time, when a feature is enabled, this isn't a problem. And ty! :D