Laguerre RSI - No Gamma - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

The Laguerre RSI indicator created by John F. Ehlers is described in his book "Cybernetic Analysis of Stocks and Futures". It is the successor of the reactive RSI built using only 4 data bars, but its reaction speed is faster considering that it is much less noisy (jagged) compared to the regular RSI.

How does gamma determine whether something is aggressive or conservative? For example, a value like 0.80 is considered conservative, while a value of 0.5 would be more reactive, but more prone to jaggedness.

This version does not use the gamma parameter (rather "mysterious"), but a parameter common in most similar indicators: period. The period can be a decimal; (ie: it does not need to be an integer value). In addition, in order to filter out some false signals, a Laguerre filter is added for RSI smoothing. To turn off smoothing, simply set the filter period to less than or equal to 1

You can use this (in combination with the adjustable level) for signals when the color of the Laguerre RSI changes

Attachment download

📎 laguerre_rsi_-_ng.mq5 (13.34 KB)

Source: MQL5 #22563