mrtools wrote: Sat Apr 22, 2023 4:19 pm Apologize to Ganesh for missing his request. Also haven't been able to do the background color in strict coding mode yet, but was able to do the histogram color change on this version, hope that's ok.

Fantastic, thanks mrtools!

Please, there is absolutely NO need to ever apologize. We as members of this wonderful Forex-Station community will forever be in your debt!

However long it takes, we will wait patiently for you to complete any of our requests!

Warmest regards,
BeatlemaniaSA

EDIT:
Looking great on the charts. Before and after and I still contend that, @jimmy, the EFT (Ehlers Fisher Transform) needs to be in the top 10 indicators!

BeatlemaniaSA wrote: Sat Apr 22, 2023 8:21 pm Fantastic, thanks mrtools!

Please, there is absolutely NO need to ever apologize. We as members of this wonderful Forex-Station community will forever be in your debt!

However long it takes, we will wait patiently for you to complete any of our requests!

Warmest regards,
BeatlemaniaSA

EDIT:
Looking great on the charts. Before and after and I still contend that, @jimmy, the EFT (Ehlers Fisher Transform) needs to be in the top 10 indicators!

Please redownload, forgot to add some code for the histogram auto-width.

mrtools wrote: Sat Apr 22, 2023 4:19 pm Apologize to Ganesh for missing his request. Also haven't been able to do the background color in strict coding mode yet but was able to do the histogram color change on this version hope that's ok.

mrtools wrote: Sat Apr 22, 2023 4:19 pm Apologize to Ganesh for missing his request. Also haven't been able to do the background color in strict coding mode yet but was able to do the histogram color change on this version hope that's ok.

mrtools, I have a crazy idea for this indicator that may or may not work. Hear me out because it could make the EFT Smoothed Histo an accurate market top/bottom identifier without any repainting or recalculating whatsoever.

In the picture of the post I am quoting (my eyes may be failing me) notice how all the tops and bottoms are formed if you treat +0.45 in the EFT Smoothed Histo as "overbought / top formation" and -0.45 as "oversold / bottom formation".

Now in vvFish's post, notice how he inserted his own "overbought/oversold" lines at what appears to be 93 and 7 respectively. His screen is cut off so I can't see the exact values of those horizontal lines.

I'm wondering if there is a way to perhaps:

(a) standardize this indicator so that we get the same values regardless of the instrument and timeframe we are using (for example, the indicator can only have values between and including -100 and +100), and

(b) whether we succeed or fail with (a), allow an option in the indicator to add in these overbought/oversold levels I am talking about. Please let me know if it is possible to do this without adding in additional code.

If it helps, I can make a separate post with visual examples of Fisher Transform showing great potential for identifying market tops and bottoms based on overbought and oversold conditions respectively.

TransparentTrader wrote: Sun Apr 23, 2023 4:54 pm

It is hard to - maybe - spoil your heureka-moment:
I take it you know the series "curb your enthusiasm"
regardless of the indicator used (Stoch, MACD, RSI etc)
many people have tried this over the decades and have found:
sometimes it works (in ranges)
and sometimes it doesn't (in trends)
so you have to use different strategies for different market conditions
(which does make a lot of sense because market behaves differently during those phases)
[it doesn't matter whether you use MACD (one of the oldest strategies around) or Ehlers in this example - sell/buy the dips - winrate somewhat over 60 percent if you use a MA as filter; of course: if you find a way to filter out ranges, it will be much higher]

josi wrote: Sun Apr 23, 2023 5:12 pm It is hard to - maybe - spoil your heureka-moment:
I take it you know the series "curb your enthusiasm"
regardless of the indicator used (Stoch, MACD, RSI etc)
many people have tried this over the decades and have found:
sometimes it works (in ranges)
and sometimes it doesn't (in trends)
so you have to use different strategies for different market conditions
(which does make a lot of sense because market behaves differently during those phases)
[it doesn't matter whether you use MACD (one of the oldest strategies around) or Ehlers in this example - sell/buy the dips - winrate somewhat over 60 percent if you use a MA as filter; of course: if you find a way to filter out ranges, it will be much higher]

Well, keep in mind that you wouldn't blindly use the top/bottom finding feature of this Ehlers indicator (if mrtools is able to somehow fulfill my request) as buying and selling signals.

Something used to find such overbought and oversold zones needs to be paired with a reliable trend direction and strength indicator in order to filter out fake tops and bottoms. Think of a time when you saw multiple oversold signals in a trend that kept moving down, or when you saw multiple overbought signals in a trend that kept moving up.

The reason I'm tackling this top/bottom finding problem is because it could make the Ehlers indicator a Swiss army knife with multiple features, saving the need for having tons of indicators on your chart.

Hope you understand where I'm coming from.

TransparentTrader wrote: Mon Apr 24, 2023 3:15 am Well, keep in mind that you wouldn't blindly use the top/bottom finding feature of this Ehlers indicator (if mrtools is able to somehow fulfill my request) as buying and selling signals.

Something used to find such overbought and oversold zones needs to be paired with a reliable trend direction and strength indicator in order to filter out fake tops and bottoms. Think of a time when you saw multiple oversold signals in a trend that kept moving down, or when you saw multiple overbought signals in a trend that kept moving up.

The reason I'm tackling this top/bottom finding problem is because it could make the Ehlers indicator a Swiss army knife with multiple features, saving the need for having tons of indicators on your chart.

Hope you understand where I'm coming from.

Do not know of any way to normalize eft except to maybe use floating levels, it wouldn't normalize eft but would give levels to work with.

mrtools wrote: Mon Apr 24, 2023 3:43 am Do not know of any way to normalize eft except to maybe use floating levels, it wouldn't normalize eft but would give levels to work with.

Sounds like an interesting idea. So these floating levels would constantly change based on factors such as volatility, and we would have the option to set the sensitivity of these levels?

Failing that it may be the case I'll have to manually backtest and find the best overbought/oversold levels for each individual instrument on each individual timeframe.

TransparentTrader wrote: Mon Apr 24, 2023 3:15 am Something used to find such overbought and oversold zones needs to be paired with a reliable trend direction and strength indicator in order to filter out fake tops and bottoms. Think of a time when you saw multiple oversold signals in a trend that kept moving down, or when you saw multiple overbought signals in a trend that kept moving up.
... Hope you understand where I'm coming from.

Thanks for your answer - I think, I understand.
Yet:
a) I believe the concepts of "overbought and oversold" are an illusion (you can alter the inputs during ranges in such a way that it appears to work - for a while). I think it is - and always has been - a gross misinterpretation of what the indicators actually show (namely, high momentum instead of overbought, and low momentum instead of oversold)
b) markets go through different phases and these ask for different setups (to use your "swiss army knife"-metaphor: soup = spoon; bread = knife; salad = fork etc because the so-called "swiss army knife" really is nothing but a coarse one-gadget-tool-box no real craftsman would touch)
[I said it before - of course - but this is exactly the reason why Al Brooks wrote three books: one on trends, one on ranges, one on breakouts]
All the best

TE81950 wrote: Sat May 06, 2023 11:52 pm could anyone please add multiple time frame and arrows to this indicator I would really appreciate it a lot

Mtf and arrows added. Also kind of updated the code a little bit.

PS: Please see post below for corrected version.