Indicators for MT4
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QQE is abbreviated as Qualitative Quantitative Estimation. This MT4 indicator works based on RSI using a smoothing technique. It is also used to determine the trend.
If the QQE indicator moves above the 50 levels, it indicates a bullish trend.
If the QQE indicator moves below the 50 levels, the trend is bearish.
SF is a smoothing factor and set default as 5.
AlertLevel – default 50 – Better not to change this setting.
Msg Alert – default TRUE – message alerts will appear.
SoundAlert – Default TRUE.
SoundAlertFile – Default alert.wav.
eMailAlerts – default FALSE.
Trading with this QQE indicator is easy. The BUY/SELL signals will be generated once the Blue line crosses level 50 and the yellow dotted line.
Always follow the trend to trade.
Go Long once the blue line crosses the yellow line below level 50.
Go short once the blue line crosses the yellow line above level 50.
Values above 70 – overbought conditions.
Values below 30 – oversold conditions.
Price and momentum divergence:
Bearish Divergence: QQE is lower highs, and prices are higher highs.
Bullish Divergence: QQE is higher lows, and prices are lower lows.
Detect short-term momentum:
Short-term momentum upside: The smoothed RSI line crosses above the slow trailing line, and long trades may be taken.
Short-term momentum downside: The smoothed RSI line crosses below the slow trailing line, and you can go for a short trade.
Trading and Installing this indicator on your MT4 chart is easy. But, its success ratio is not 100%. We offer MT4 charts with premium indicators at an affordable price.