As per your question I am here to help you with some of the best screen recorder for Android 5 (Lollipop). Go through the details given below to know them.
It helps you to make live screen videos with a high resolution quality with mp4 extension. It is still in beta.
Ilos Screen Recorder
It helps you to record the video played on the screen and then share it to Youtube, Facebook, Dropbox and Google Drive. It also helps you to save the video to your smartphone. The best thing to be liked about it is that it doesn't contain ads which always annoys us. There is no video limit with it.
Lollipop Screen Recorder
It is also one of the best to use. But it only works on Android 5 Lollipop and it doesn't record the audio.
AZ Screen Recorder
This helps you to record the video with unlimited length and also with no watermark. With this you can record the video in HD.
Unlimited Screen Recorder
This helps you to record in multiple resolution and also with the unlimited video length.
These were some of the options from my side.
I find that the harder I work, the more luck I seem to have.