The Laguerre RSI Forex indicator for Metatrader 4 is a popular technical oscillator mostly used to pinpoint trade entries in trending markets.
The indicator appears in a separate chart window as a purple colored signal line that oscillates between the 0 and 1 extreme boundaries.
- The market is considered oversold when the oscillator reaches the 0 value.
- The market is considered overbought when the oscillator reaches the 1 value.
It’s recommended to use the Laguerre RSI oscillator together with a trend-following trading strategy or system.
- Popular technical oscillator
- Good for trade entry signals
- Works for any currency pair
- Does not repaint
- Developed for Metatrader 4
Indicator Chart Example
The picture below shows the Laguerre RSI indicator attached to the British Pound / U.S. Dollar M5 chart.
How to use this Forex indicator?
This Forex indicator can be used in multiple ways, find an example below:
- A buy signal is given when the overall trend is up and the Laguerre oscillator turns back above 0.15 from below (oversold).
- Place your stop loss below the most recent swing low.
- Exit the buy trade for a fixed profit target or wait for an opposite trading signal.
- A sell signal is given when the overall trend is down and the Laguerre oscillator turns back below 0.85 from above (overbought).
- Place your stop loss above the most recent swing high.
- Exit the sell trade for a fixed profit target or wait for an opposite trading signal.
How to install the Laguerre RSI Oscillator indicator to the Metatrader 4 platform?
- Download the laguerre-rsi.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration