Laguerre

Laguerre MetaTrader indicator — a completely custom indicator that doesn't rely on the standard MT4/MT5 indicators. It shows the weighted trendline in the separate window of the chart. It can be used for simple entry and exit signals. The indicator is available for both MT4 and MT5.

Input parameters

• Gamma (default = 0.7) — a multiplier that is used in the line's levels calculation. The higher it is the smoother is the line.
• CountBars (default = 950) — the maximum number of bars for which to calculate this indicator. Set to as high as possible if you don't experience performance problems.

Example and strategy

Laguerre can be used to buy when the line reaches 0.2 level from below and exit the long trade when it reaches 0.5 level from above. Sell when the line crosses 0.8 from above and exit the short trade when the line crosses 0.5 level from below.

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Discussion

Do you have any suggestions or questions regarding this indicator? You can always discuss Laguerre with the other traders and MQL programmers on the indicators forums.

Changelog

1.02 - 2022-03-09

• Refactored MQL4 code.