Hey fellow traders! Today, I want to introduce you to the Exp_ColorJLaguerre Expert Advisor, a powerful tool designed for MetaTrader 5 that leverages the ColorJLaguerre oscillator. This EA identifies key trading signals based on the oscillator's shifts in relation to overbought and oversold levels.
So, how does it work? The magic happens when a bar closes and the oscillator changes color. That’s your cue to jump in!
To get started, make sure you have the compiled indicator file ColorJLaguerre.ex5 ready to roll. You’ll need to place it in your <terminal_data_folder>\MQL5\Indicators directory.
Another thing to keep in mind: the TradeAlgorithms.mqh library is essential for using this EA with brokers that offer a nonzero spread. It also allows you to set your Stop Loss and Take Profit levels right when you open a position. If you're looking for more versions of the library, check out this link: Trade Algorithms.
The tests I ran were based on the default input parameters of the EA, and I didn’t use Stop Loss or Take Profit during the testing phase.
Fig.1. Trade examples on the chart
Here are the testing results for 2014 on the USDJPY H8:
Fig.2. Testing results chart
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