The Laguerre indicator is a RSI indicator algorithm which is based on the Laguerre adaptive filter.
It was created by John Ehlers who applied digital signals processing methods to futures trading. The technical papers section on his website contains different examples of the method use.
The Laguerre indicator shows you the overbought and oversold states of the market. It is recommended to open a buy order if the price goes beyond the upper level and to open a sell order if it goes below the lower level. The center line breakout is a strong signal, too for opening orders. Leaving overbought and oversold areas is yet another possibility to get trading signals by using the indicator.
Here you can download the indicator (MT5): https://www.mql5.com/en/code/432