The indicator gets displayed in a separate chart window as a trend rainbow that follows the most likely buy and sell trend for any currency pair.
How to spot the trend with this indicator?
- The green colored rainbow represents an upward trending market.
- The violet colored rainbow represents a downward trending market.
The following indicator inputs and parameters can be modified: stochastic period, smoothing period, laguerre gamma.
The Laguerre Rainbow Of Double Stochastic indicator works for any trading instrument supported by the MT5 trading platform.
Make yourself familiar with this technical indicator and test it first on a practice account before using it in a real trading account.
It supports all time frames and Forex pairs.
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The following chart shows how the Laguerre Rainbow of Double Stochastic indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Laguerre Rainbow Of Double Stochastic Indicator?
Find a simple trading example below:
- The start of the green colored Laguerre rainbow is a buy trade entry signal.
- Initiate a buy transaction at market price and place a stop order below support.
- Exit the buy trade for a risk to reward ratio of at least 1.5.
- The start of the violet colored Laguerre rainbow is a sell trade entry signal.
- Initiate a sell transaction at market price and place a stop order above resistance.
- Exit the sell trade for a risk to reward ratio of at least 1.5.
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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 of double stochastic.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