The Laguerre ROC indicator for Metatrader 5 is an excellent buy and sell trading tool designed for scalpers and day traders.
The indicator is composed of the Laguerre oscillator and the Price Rate of Change (ROC) indicator.
It gets displayed as blue and orange colored histogram bars that appears above and below the neutral 0 level.
To interpret this trading tool effectively, pay attention to the following guidelines:
- Blue colored histogram bars positioned above 0 indicate a bullish short-term market trend.
- Orange colored histogram bars positioned below 0 indicate a bearish short-term market trend.
The Laguerre ROC indicator can be effectively combined with other technical tools, yet it is also capable of performing well as a standalone trading tool.
Customization options are available through the following indicator inputs and parameters: period ROC, averaging ratio, overbought level %, oversold level %, colors, line style, the width of levels, shift.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to live trading.
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laguerre_roc.mq5 Indicator (MT5)
Chart Example
The image below shows what the Laguerre ROC Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs Utilizing The Laguerre ROC Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is confirmed when the Laguerre ROC histogram bars turn back above 0 (blue color).
- Open a buy market order and place a stop loss below short-term support.
- Close the buy trade for a fixed pip profit target of your preference.
Sell Signal
- A sell signal is confirmed when the Laguerre ROC histogram bars turn back below 0 (orange color).
- Open a sell market order and place a stop loss above short-term resistance.
- Close the sell trade for a fixed pip profit target of your preference.
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laguerre_roc.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_roc.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