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Fisher Transform by John Ehlers
The indicator described in "Using The Fisher Transform" by John Ehlers in this issue
can be easily recreated in MetaStock 6.52 or higher. To create a formula in MetaStock, select Indicator Builder from the Tools menu, click New, enter the code for the formula, and then click OK. Repeat for the remaining formulas.

This indicator has two formulas. One plots the Fisher transform and its signal line. The second plots the transform and its rate of change multiplied by 10. The formulas are:

Transform with Signal

pr:=(H+L)/2;
len:=10;
maxh:=HHV(pr,len);
minl:=LLV(pr,len);
val1:=.33*2*((pr-minl)/(maxh-minl)-.5)+.67*PREV;
value1:=If(val1>.99,.999,If(val1<-.99,-.999,val1));
fish:=.5*Log((1+value1)/(1-value1))+.5*PREV;
fish;
Ref(fish,-1);

Transform with Rate of Change

pr:=(H+L)/2;
len:=10;
maxh:=HHV(pr,len);
minl:=LLV(pr,len);
val1:=.33*2*((pr-minl)/(maxh-minl)-.5)+.67*PREV;
value1:=If(val1>.99,.999,If(val1<-.99,-.999,val1));
fish:=.5*Log((1+value1)/(1-value1))+.5*PREV;
fish;
10*ROC(fish,1,\$)

To plot the indicator, locate it in MetaStock Indicator Quicklist, then click and drag it onto the desired chart.

If you have any questions creating an indicator, call us at 801 265-9998 or e-mail us at support@equis.com.
--William Golson, Equis International
www.equis.com

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