Hi Traders,Please see attached for the latest version of Laguerre PPO which was coded by our very own Administrator Mladen.
- Adjustable colours
- Adjustable bar width
- Orange and Green warn of a possible chance of reversal
- Red and Lime Green warn of an extreme chance of reversal
Tip: I have personally used this indicator for live counter-trend trading on the M15 charts in the past. It's a good indicator for beginners as beginners tend to counter-trend trade but rarely have success with traditional technical indicators such as the RSI and CCI.
I have backtested the Lagguerre using 5 years of data and in 97% of trades entered on the extreme signals (Red and Lime Green), all followed through with the reversal (eventually) but on several occasions there were times that drawdown was for 24 hours and up to 100 pips+. So if you have the patience and you're not using huge leverage, this is a very solid indicator.