Ehlers fisher transform of rsi(OMA) – indicator MetaTrader 5

Basics:

Original Ehlers fisher transform is using an adjusted RSI in a fisher transform calculation in order to further normalize and emphasize the RSI values in order to be able to spot market conditions in easier way.

This version :

It is adding 2 steps :

• floating levels usage option
• in case that the floating level is not to be used, setting the floating level period to less than or equal to 1 will turn the level from floating to fixed levels
  
• filtering out the prices prior to be used in calculation (averaging the price is used for that purpose – hence the name ris(OMA) – rsi of moving average)
  
• usual set of average types can be used for price filtering :
• simple moving average (SMA)
• exponential moving average (EMA)
• smoothed moving average (SMMA)
• linear weighted moving average (LWMA)

Usage:

You can use the color changes of the indicator as signals