Introduction to the ALF Indicator
The ALF indicator works in a similar manner to the Moving Average indicator. In fact, the ALF abbreviation stands for Adaptive Laguerre Filter.
The way that trading signals are generated is based on crossovers between candles and the ALF indicator. When a candle closes above the ALF indicator in an uptrend market it is a long signal and when a candle closes below the ALF indicator in a downtrend market it is a short signal.
It fits all kinds of timeframes and currency pairs.
The indicator is displayed directly on the main trading chart.
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 ALF indicator in MT4?
Copy and paste the alf-indicator.ex4 or alf-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 ALF indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Download Free Forex MT4 ALF Indicator
To download the ALF Indicator for Metatrader 4 (MT4) for free just click the button below: