Fisher Transform with Up/Down colours - squattter — Indicator by squattter

fisher fishertransform color colour up down long short divergence

Credit to HPotter - colour code borrowed from his AO script.

Open-source script

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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[1]))
fish1 = .5 * log((1 + value) / max(1 - value, .001)) + .5 * nz(fish1[1])
fish2 = fish1[1]

hline(0, color=white, linewidth=2)

fush = fish2
cClr = fush > fush[1] ? lime : red
plot(fush, style=columns, linewidth=1, color=cClr)

plot(fish1, color=white, transp=0, linewidth=4, title="Fisher")