ATR Adaptive Smooth Laguerre RSI Metatrader 5 Forex Indicator
The ATR adaptive smooth Laguerre RSI Metatrader 5 forex indicator is a modified Laguerre RSI indicator that employs the Average True Range (ATR) adapting method to adjust the calculation period.
The indicator can be traced to John F. Ehlers, who described it in his book “Cybernetic Analysis for Stocks and Futures”.
In addition, the included ATR makes the RSI more responsive during sessions of high volatility, and smoother during periods of low volatility.
The further addition of smoothing method i.e. Smooth period to this version, adds minimal lag to the result, thereby reducing false alerts consequently.
As a final note, dynamic levels instead of fixed levels are deployed on the ATR adaptive smooth Laguerre RSI (dlvl) MT5 forex indicator.
The indicator works great for scalping, day trading and swing trading.
The EUR/USD H1 chart below displays the ATR adaptive smooth Laguerre RSI Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the filled line of the ATR adaptive smooth Laguerre RSI Metatrader 5 forex indicator turns dodger blue.
Sell Signal: Go short when the filled line of the ATR adaptive smooth Laguerre RSI Metatrader 5 forex indicator turns tomato.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the undotted line of the indicator changes from dodger blue to gray.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the undotted line of the indicator changes from tomato to gray
Tips: The ATR adaptive smooth Laguerre RSI Metatrader 5 forex indicator is a good trend following indicator that will fit into the trading plan of scalpers, intraday and swing traders alike.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Laguerre/ATR period, Smooth period, Price, Levels period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator | trend
Copy and paste the ATR adaptive smooth Laguerre RSI (dlvl).ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)