You can now download Laguerre RSI MT5 Indicator for free on AtoZ Markets indicators gallery.
The Laguerre RSI Indicator is a modification of the well-known relative strength indicator or RSI. John F. Ehlers, the famous trader who created the Laguerre RSI, tried to avoid whipsaws (noise) and lag produced by smoothing technical indicators by applying a filter and some changes to the original relative strength indicator. The values of the recent bars are more important, so, the indicator is more responsive and could better suit short term types of trading.
The recommended timeframe is M30, currency pair traded is GBP/USD. Parameters of the Laguerre RSI: vPeriod = 15, gamma = 0.5, Levels: «0», «0.25», «0.5», «0.75», «1».
How to Trade Using Laguerre RSI MT5 Indicator
Entering a long trade:
- The indicator has been at zero level for some time and then goes up above level 0.25.
- The candlestick when the indicator line crosses level 0.25 must be rising and have the body of at least 5 pips.
Entering a short trade:
- The indicator has been at level 1 for some time and then goes down below level 0.75.
- The candlestick when the indicator line crosses level 0.75 must be falling and have the body of at least 5 pips.
How to download and install an indicator
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader5 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Laguerre RSI MT5 Indicator” template to apply it on the chart.
Note: This indicator was developed by Max. AtoZ Markets does not carry any copyrights over this trading tool.