Fisher Transform of On Balance Volume (by ChartArt)
A simple mash-up of the On Balance Volume (OBV) indicator with the Fisher Transform indicator (blue) with the classic Fisher Transform signal trigger (silver color), plus a linear regression as a second signal line (red).
I recommend to use a period for the linear regression which has the same speed or is slower than the period of the Fisher Transform to avoid overshooting.
P.S. Here are three areas where the indicator worked quite good on historic charts
I recommend to use a period for the linear regression which has the same speed or is slower than the period of the Fisher Transform to avoid overshooting.
P.S. Here are three areas where the indicator worked quite good on historic charts
study(title="Fisher Transform of On Balance Volume", shorttitle="CA_-_Fisher_of_OBV") // version 1.0 // idea by ChartArt on April 8, 2015 // using TradingView indicators 'Fisher Transform' and 'On Balance Volume' // (this indicator only works with symbols where volume data is available) // list of my work: // https://www.tradingview.com/u/ChartArt/ //On Balance Volume src = close obv = cum(change(src) > 0 ? volume : change(src) < 0 ? -volume : 0*volume) //Fisher Transform of OBV len = input(12, minval=2, title="Period of Fisher Transform of OBV") high_ = highest(obv, len) low_ = lowest(obv, len) round_(val) => val > .99 ? .999 : val < -.99 ? -.999 : val value = round_(.66 * ((obv - low_) / max(high_ - low_, .001) - .5) + .67 * nz(value[1])) fish1 = .5 * log((1 + value) / max(1 - value, .001)) + .5 * nz(fish1[1]) signallen = input(12, title="Linear Regression Signal Line Period") signal = linreg(fish1,signallen,0) fish2 = fish1[1] plot(fish2, color=silver, title="Fast Signal Line") plot(fish1, color=blue, title="Fisher Transform of OBV") plot(signal,color=red, title="Linear Regression Signal Line") hline(0, color=maroon)