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John Ehlers’ article, “Inverse Fisher Transform Redux”, introduced his Elegant Oscillator indicator. Here is the formula to add that indicator to MetaStock.
Elegant Oscillator: Code:pds:= 20; {BandEdge}
deriv:= C-Ref(C, -2);
RMS:= Sum(deriv * deriv, 50);
rms2:= Sqrt(rms/50);
denom:= If(rms2=0, -1, rms2);
nderiv:= If(denom= -1, 1, deriv/denom);
ifish:= (Exp(2*nderiv)-1) / (Exp(2*nderiv)+1);
a1:= Exp(-1.414*3.14159 / pds);
b1:= 2*a1*Cos(1.414*180 / pds);
c3:= -a1*a1;
c1:= 1 - b1 - c3;
ss:= c1 * (ifish + Ref(ifish, -1))/2 +
b1*PREV + c3*Ref(PREV, -1);
ss
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