Adaptive Trends And Oscillators by John Ehlers for Metastock

The Sine Wave (also called MESA) indicator is based on the assumption that markets move in cyclical patterns. He tries to quantify such cycles and then predict them (by making his indicator leading instead of lagging like most indicators). This works extremely well when the market is indeed moving in a cycle. When the market is trending, however, this system fails (and one should adjust for that).

The code for the indicator is made of many parts and can take quite some time to input into Metastock. So instead of including the raw code, the exported formulas from Metastock are attached. All you have to do is import it.