Credit to HPotter - colour code borrowed from his AO script.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
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//Credit to HPotter for the colour code. study(title="Fisher Transform with Up/Down colours - squattter") len = input(34, minval=1, title="Length") high_ = highest(hl2, len) low_ = lowest(hl2, len) round_(val) => val > .99 ? .999 : val < -.99 ? -.999 : val value = round_(.66 * ((hl2 - low_) / max(high_ - low_, .001) - .5) + .67 * nz(value)) fish1 = .5 * log((1 + value) / max(1 - value, .001)) + .5 * nz(fish1) fish2 = fish1 hline(0, color=white, linewidth=2) fush = fish2 cClr = fush > fush ? lime : red plot(fush, style=columns, linewidth=1, color=cClr) plot(fish1, color=white, transp=0, linewidth=4, title="Fisher")