Hi Everyone! Today I want to share with you an amazing Laguerre indicator.
The traditional Laguerre RSI indicator is a popular forex oscillator indicator that tells you when the market is overbought or oversold. The MTF version of the Laguerre RSI indicator enables you to select and use data from other time frames.
For instance, you can choose to use data from the 1-hour chart while working with the 5-minute chart. Furthermore, the MTF Laguerre indicator paints oversold and overbought dots in a separated trading window.
- Red dots appear on the chart when the oscillator falls below 0.15 from above. This is an oversold signal.
- Green dots appear on the chart when the oscillator rises above 0.75 from below. This is an overbought signal.
Some examples of the signals:
Basic Trading Signals
Buy Signal: Open a new buy trade position when the Laguerre MTF oscillator rises back above 0.15 from below. Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open a new sell trade position when the Laguerre MTF oscillator falls back below 0.75 from above. Place a stop loss above short-term resistance or use your own preferred SL method.
Combine this indicator with other technical indicators for more accurate trend predictions.
P.P.S. Please share this post if you liked the free indicator:)