FREE INDICATOR: Laguerre RSI

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About:
Averages, and the way they are compared and calculated make up a large amount of the indicators out there, so the fun thing about new averages, is how they open up a whole new group of indicators.

Usage:
This is Laguerre RSI. You'll notice it acts a little different than your normal RSI, and it can be traded in different ways. It can be used as a switch, or to view bursts of momentum. Combine with your style and see if you notice anything. It might just be what you were looking for! Stay tuned for more scripts & ideas by following me on TradingView.

Grab the source code here: pastebin.com/e7DEYe7y
Installation video by ChrisMoody here : blog.tradingview.com/?p=265

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                                                               I'd like as many people as possible to get it :)

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ملاحظات الأخبار

Due to popular demand, this is the Laguerre RSI built for Pine Script 4. A simple update from my original released in 2014.

ABOUT
This indicator is coded as defined by John Ehlers in his book "Cybernetic Analysis for Stocks and Futures", with minor visualization changes (colors) added by me. Colors can be turned off if desired.

I've also added the ability to smooth the indicator. If smoothing is set any greater than 1 (default), an EMA is applied to the indicator. This introduces some lag, but it may be beneficial for some systems. That is something you will need to test for yourself and your strategy.

USAGE
You'll notice the Laguerre RSI acts a little different when compared to your normal RSI, and it can be traded in different ways.
You can use it as a switch / filter, to indicate bursts of momentum, the direction of momentum, and more.

Combine this with your own strategies and you may find it useful. It might just be what you were looking for!

FINAL COMMENTS
Follow me on TradingView, I almost never post anything new ;-)
Trade smart. Don't get caught up looking for the perfect indicator, it doesn't exist.