The Laguerre RSI Oscillator with filter for Metatrader 5 is an improved Gamma filtered version of the classic Laguerre RSI indicator.
By default, the Laguerre filtered gamma oscillator uses the 0.15 oversold and 0.85 overbought market levels.
It also includes a no trade zone for both up and down markets.
How to identify overbought and oversold market conditions?
- The 0.85 indicator value indicates an overbought market.
- The 0.15 indicator value indicates an oversold market.
The following indicator inputs and parameters can be modified: laguerre RSI gamma (0.8), price, laguerre RSI smooth gamma, smooth speed, level up (0.85), level down (0.15), no trade zone up, no trade zone down, change color mode.
The Laguerre RSI filtered version 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 RSI Oscillator with Gamma filter looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Laguerre RSI Oscillator With Gamma Filter?
Find a simple trading example below:
- A buy signal is given when the Laguerre RSI indicator with Gamma filter is colored red and the overall market trend is heading upward.
- Open a buy trade and place your stop loss below the previous swing low.
- Exit the buy trade for a fixed take profit of hold the trade until the indicator reaches the 0.85 overbought market level.
- A sell signal is given when the Laguerre RSI indicator with Gamma filter is colored blue and the overall market trend is heading downward.
- Open a buy trade and place your stop loss above the previous swing high.
- Exit the sell trade for a fixed take profit of hold the trade until the indicator reaches the 0.15 oversold market level.
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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 RSI with Laguerre filter extended.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