The advanced Laguerre RSI Metatrader 5 forex indicator is an ATR (Average True Range) adaptive Laguerre RSI.
The indicator uses the ATR adapting method for the Laguerre RSI, while also using the Laguerre filter for smoothing the value of the RSI.
The indicator is completely adaptive, due to its double adaptive features, and the smoothing addition gives it a deviation away from its basic formula (an added module that helps to filter out some false positive).
Color changes within the Advanced Laguerre RSI indicator can be used for signal generation.
The EUR/JPY H1 chart below displays the Advanced Laguerre RSI Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the ascending line of the Laguerre RSI Metatrader 5 forex indicator turns dark gray as it breaks above the 0.15 level.
Sell Signal: Go short when the descending line of the Laguerre RSI Metatrader 5 forex indicator turns dark gray as it breaks below the 0.85 level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the dark gray line of the MT5 forex indicator turns dodger blue.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dark gray line of the MT5 forex indicator turns pale violet red.
Tips: The Advanced Laguerre RSI Metatrader 5 forex indicator is quite usable for short term trading decisions due to its adaptive characteristics.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (ATR period, Price, Smoothing factor, Level up, Level down, Color change mode :), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Time Fractal Energy adaptive Laguerre RSI.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)