Laguerre

Laguerre indicator — a custom technical indicator that doesn't rely any of the standard MT4/MT5/cTrader indicators. It shows the normalized 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, MT5, and cTrader.

The indicator supports operating in a multi-timeframe (MTF) mode, displaying higher timeframe data on a lower timeframe chart. This Laguerre implementation also supports all types of MetaTrader alerts: popup, email, push-notifications, and sound-only alerts.

Input parameters

Main

• 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. You can decrease it if you experience performance issues.
• Timeframe (default = PERIOD_CURRENT) — the timeframe for the indicator's calculations. If higher than the current, the indicator will work in an MTF mode. If equal or lower than the current, it will use the current timeframe's data.

Alerts

• AlertOnUpperCross (default = false) — if true, an alert is issued when Laguerre line crosses the upper level from above.
• AlertOnLowerCross (default = false) — if true, an alert is issued when Laguerre line crosses the lower level from below.
• UpperLevel (default = 0.80) — the upper level (overbought) for alert triggering.
• LowerLevel (default = 0.20) — the lower level (oversold) for alert triggering.
• Trigger Candle (default = Previous) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle.
• AlertPopup (default = true) — if true, a native MetaTrader popup alert is used for any of the alert conditions.
• AlertSound (default = false) — if true, the indicator plays a sound file when an alert condition fires.
• AlertSoundFile (default = "alert.wav") — the sound file to play for sound alerts.
• AlertEmail (default = false) — if true, an email message is sent on alert conditions. Email should be properly configured in MetaTrader via Tools->Options->Email.
• AlertPush (default = false) — if true, a push notification is sent on alert conditions. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.

Arrows

• EnableDrawArrows (default = false) — if true, the indicator will draw arrows on the chart when there is an up or down signal.

Example charts

The chart screenshots below show how the Laguerre indicator looks in MetaTrader 4, MetaTrader 5, and cTrader platforms. The magenta line in the separate chart window shows the overbought/oversold states while the arrows in the main chart window indicate crossover signals.

MT4

MT5

cTrader

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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