An inverse fisher transformation of a modified RSI plotted against a smoothed version of itself. The general trading rules of this indicator are as follows:
1. if the histogram is > 0 and above the line and is green; buy if the histogram is > 0 and is below the line (green or gray); sell buy position
2. if the histogram is < 0 and below the line and is red; sell if the histogram is <0 and above the line (red or gray); buy-back sell position
What makes the histogram line go green or red? As it would have kept me out of 2 trades that didn't work out (including volume) and it's the only IFT that I can find that has that feature, i'm trying to find out why. Fantastic indicator, thank you!
TowerandLake
⋅
This might be a more accurate indicator if you add volume to the calculation
OrangeBird
⋅
@TowerandLake, Thanks for the suggestion, I will try to incorporate that in future versions
jomanchest01
⋅
If you may, can yo send me indicator to email jomanchest@gmail.com ? , thanks
Harpingo
⋅
Hello, I was hoping you'd have mercy on me and let me have access to the code in this so I can add alerts. I've had a pretty good system going using this along with another indicator but I end up staring at charts all day because I don't have ability to make an alert.