The Hilbert Oscillator Indicator was created John Ehlers in “Rocket Science For Traders”, pg.90-91 and is a leading indicator.

This indicator works very well for identifying major turning points before they happen. You will notice that when the blue line crosses the red line a few bars from that point, the stock starts an uptrend, and the opposite is true. The MetaTrader 5 version also includes immediate buy and sell signals through line 0, so buy when the line is green and sell when it is red.
It also includes the EhlersHilbertTransform indicator. This indicator does NOT give signals to enter. Its data is used as input in the “The Hilbert Oscillator Indicator”.