This question asks if every involution on $\mathbb{C}[[x_1,\ldots,x_n]]$, after a change of variables/coordinates, is given by $x_i \mapsto \pm x_i$, and some commenters gave a positive answer.
For simplicity, let us concentrate on the case $n=2$, namely, $\mathbb{C}[[x,y]]$.
What is exactly meant by "a formal change of coordinates"? Does it mean just taking the original involution $f$ and composing it (on the right or on the left) by any automorphisms of $\mathbb{C}[[x,y]]$?
For example, $f: (x,y) \mapsto (x,-y+x+x^2+x^3+\cdots)$ is an involution on $\mathbb{C}[[x,y]]$ and if we take the automorphism $h: (x,y) \mapsto (x,y+x+x^2+x^3+\cdots)$, then we get that $hf: (x,y) \mapsto (x,-y)$ is of the claimed form (notice that $h$ and $f$ commute).
Can one please give an example of an involution $f$ such that $f(x)$ or $f(y)$ involves monomials of the form $\lambda x^iy^j$, where $\lambda \in \mathbb{C}-\{0\}$ and $ij \neq 0$.
Of course, in my above example there are no such monomials.
(Remark: I understand that, for a given involution $f$, we can apply the Lemma mentioned in the first comment to $G:=\{1,f\}$, and get that the values of the characters are $\{\pm1\}$ since $f$ is of order $2$).
Edit: If it happens that the given involution $f:(x,y) \mapsto (A,B)$ satisfies $A,B \in \mathbb{C}[x,y]$, then by this it is an involution on $\mathbb{C}[x,y]$; in this case I can show (by quite lengthy calculations+ Serre's theorem about trees) that any involution on $\mathbb{C}[x,y]$ is either conjugate to $(x,y) \mapsto (x,-y)$ or to $(x,y) \mapsto (-x,-y)$.
[\![instead of[[what is the way is used in many textbooks. – Masacroso Apr 19 '17 at 23:11