The Laguerre RSI Oscillator for Metatrader 5 is a popular technical indicator that finds the best oversold and overbought market conditions.
By default, the oscillator uses the 0.15 oversold and 0.85 overbought market levels.
The indicator can be used in two ways:
- As a standalone buy/sell tool in sideways-moving markets.
- Together with a trend indicator in trending markets.
How to interpret this indicator?
- The FX market is considered overbought when the Laguerre RSI indicator reaches 0.85.
- The FX market is considered oversold when the Laguerre RSI indicator reaches 0.15.
The following indicator inputs and parameters can be modified: laguerre RSI period, price, smoothing period, level up (0.85), and level down (0.15).
The Laguerre RSI 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.
It supports all time frames and Forex pairs.
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Laguerre RSI – ng.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Laguerre RSI Oscillator indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Laguerre RSI Oscillator?
Find a simple trading example below:
Buy Signal
- A buy signal occurs when the Laguerre RSI Oscillator is colored red (oversold) and the overall market direction is upward.
- Open a buy trade and place your stop loss slightly below technical support.
- Exit the buy trade for a fixed take profit of your preference or wait for a sell signal.
Sell Signal
- A sell signal occurs when the Laguerre RSI Oscillator is colored blue (overbought) and the overall market direction is downward.
- Open a sell trade and place your stop loss slightly above technical resistance.
- Exit the sell trade for a fixed take profit of your preference or wait for a buy signal.
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Laguerre RSI – ng.mq5 Indicator (MT5)
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 – ng.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