Introduction to the Fisher No Repaint Indicator
The Fisher No Repaint Indicator is, as the name suggests, a non-repainting forex histogram indicator providing direction and strength of the market trends. Obviously, green histogram bars indicate a bullish trend. Conversely, red histogram bars reflect a bearish trend.
The Fisher No Repaint Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Closer look on the Fisher No Repaint Indicator
Signals provided by the Fisher No Repaint indicator occur at the switch of market forces. When bulls take control, histogram bars change from red to green and that moment is the potential signal. Conversely, when bears dominate the market, histogram bars change from green to red and that moment is the potential signal.
Example buy trade with the Fisher No Repaint Indicator
Below is the screenshot of an example buy trade with the Fisher No Repaint Indicator.
This is an example of a pullback trade. We added 100-period Exponential Moving Average to define the overall market trend. There was a market pullback and the histogram bars of the Fisher Indicator turned red. After a while, buyers took control and the price started to go in the original direction, which was confirmed by the change of histogram bars from red to green.
Example sell trade with the Fisher No Repaint Indicator
Below is the screenshot of an example sell trade with the Fisher No Repaint Indicator.
In that example, we have a trend reversal scenario. On the left side of the chart, the price was in the uptrend and then it broke the 100-period Exponential Moving Average, which is often a fakeout. Then the price raised a little bit and broke it again. We can clearly see that its upside movement got exhausted and we could switch to a short trade scenario. A sell signal happened when the price was below MA and Fisher Indicator bars turned red from green.
How to set up the Fisher No Repaint indicator in MetaTrader (MT4)?
Download the Fisher No Repaint.rar archive at the bottom of this post, unpack it, then copy and paste the Fisher No Repaint.ex4 or Fisher No Repaint.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Fisher No Repaint indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 Fisher No Repaint Indicator
To download the Fisher No Repaint Indicator for Metatrader 4 (MT4) for free just click the button below: