Color Laguerre Indicator for MT5

The Color Laguerre Indicator for MetaTrader 5 is a trend-following technical tool based on the Laguerre and RSI indicators. Essentially, it analyzes the financial market using the synergy of two indicators (Laguerre and RSI) to determine more accurate trend direction and optimal entry/exit zones. How do you read RSI Laguerre? The indicator fluctuates within a window that fluctuates between 0.15 – 0.85 levels. It gives a buy signal when the RSI crosses (indicated by the lime line) the 0.15 level up, and a sell signal is triggered when the RSI crosses below (indicated by the red line) the 0.85 level down. Conversely, the 0.15 and 0.85 zones are designated/overbought zones, respectively. In addition, the indicator is ideal for scalpers and day/intraday forex traders to identify trading opportunities. However, it is recommended to use it along with price action/other technical tools confluence for better performance. How to trade with the Color Laguerre Indicator The image above shows the action of the indicator on the AUDNZD currency pair on the H1 timeframe. It illustrates how a sell signal was generated using an indicator and price action. The image shows that the indicator has drawn a sell signal (RSI below 0.85), suggesting a potential bearish move. In addition, the price retested and was noticeably rejected (wick) in the supply zone, confirming a sell/entry signal. Conclusion The Laguerre RSI Indicator for MT5 is a trading tool that uses Laguerre and RSI to determine trend direction and potential price reversal zone. Finally, it's free to download.