Content: Indicator: laguerre-histogram-indicator.ex4.
Laguerre Histogram Indicator
Introduction to the Laguerre Histogram Indicator
The Laguerre Histogram indicator, as the name suggests, displays Laguerre Oscillator signals in a form of the histogram bars, but also in an usunual way. These histogram bars are plotted into some kind of channel.
Generally, green bars represent an oversold market state and opportunity for long trade (buy). Similarly, red bars represent overbought market stat and opportunity for short trade (sell).
That indicator is displayed in a separate window placed just below the main trading chart.
It fits all kinds of timeframes and currency pairs.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Laguerre Histogram indicator in MT4?
Copy and paste the laguerre-histogram-indicator.ex4 or laguerre-histogram-indicator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Laguerre Histogram indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.