This might be better suited to be combined with other indicator to be effective, such as the of .
I hope you have found this useful :) Happy trading.
Thanks to @MikeLloyd for referring me to this, and here's my port for you.
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.
study(title="Fisher Transform (LastBattle)", shorttitle="Fisher (LastBattle)") /// Define graph data src = close src_high = high src_low = low /// User input length fisherlen = input(21, minval=1, title="Fisher Length") // Fisher Price = (src_high + src_low) / 2 MaxH = highest(src_high, fisherlen) MinL = lowest(src_low, fisherlen) Value1 = max(-0.9999, min(0.9999, 0.5 * 2 * ((Price - MinL) / (MaxH - MinL) - 0.5) + 0.5 * nz(Value1))) Fish = 0.25 * log((1 + Value1) / (1 - Value1)) + 0.5 * nz(Fish) /// Plot plot(Value1, color=green) plot(nz(Fish), color=red) // trigger/signal line // Background color //sellSignal = (nz(Fish) < -0.3 and nz(Fish) > 0.9 * nz(Fish)) //bgcolor(sellSignal ? red : white, transp=90) // Band range band_green_top = hline(.6999) band_green_bottom = hline(.9999) fill(band_green_top, band_green_bottom, color=green, transp=90) band_red_top = hline(-.6999) band_red_bottom = hline(-.9999) fill(band_red_top, band_red_bottom, color=red, transp=90)