The Laguerre Forex Trend Rainbow indicator for Metatrader 5 transforms the classic Laguerre indicator into a beautifully colored trend trading tool.
The indicator gets displayed in the price chart as a rainbow that reveals the overall trend direction for any currency pair.
Spotting buy and sell trends with it:
- A green colored Laguerre rainbow represents an upward trending market.
- A violet colored Laguerre rainbow represents a downward trending market.
The following indicator inputs and parameters can be modified: gamma, price, colors.
The Laguerre Forex Trend Rainbow indicator should work equally well for any MT5 trading instrument, such as Forex, Stocks, Indices, Gold, etc.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Laguerre Forex Trend Rainbow indicator looks like when applied to the MT5 chart.
How To Buy And Sell Pairs With The Laguerre Forex Trend Rainbow Indicator?
Find a simple trading example below:
- The appearance of the green colored Laguerre rainbow is a buy signal (see chart above).
- Open a long trade and place your stop loss slightly below the colored rainbow.
- Exit the buy trade for a fixed take profit of your preference, or wait for a sell signal.
- The appearance of the violet colored Laguerre rainbow is a sell signal (see chart above).
- Open a short trade and place your stop loss slightly above the colored rainbow.
- Exit the sell trade for a fixed take profit of your preference, or wait for a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Laguerre stripped 1.01.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration