MT4 QQE Indicator is based on an algorithm that evaluates market dynamics quantitatively and qualitatively and recognizes the beginning of a new trend. This helps traders exploit the full potential of a trend by entering trades early in the trend and exiting them before a reversal.
Quantitative Qualitative Estimation Indicator is a modified version of the classic RSI indicator. The QQE indicator smoothes the RSI values, and then, based on the obtained values, forms two new Slow QQE and Fast QQE lines, which are calculated using the fast and slow ATR multipliers.
The modified calculation algorithm allows the indicator to be less susceptible to short-term volatility, which makes its signals more accurate, unlike the prototype.
Smoothing parameters can be changed depending on the timeframe used – the smaller the timeframe, the higher the smoothing value should be set.
Due to the peculiarities of the indicator calculation, the delay, which is a typical problem for most technical analysis tools, is minimised. It always gives up-to-date signals, so you can work effectively with it even on timeframes below H1.
Scanning is included in the indicator functionality for timely identification of trends. This option allows you to constantly monitor the price dynamics on all timeframes for the selected trading instruments and look for signals.
In order for users to receive signals on time, the indicator is equipped with alerts. Also, each signal is displayed on the dashboard , from where you can go directly to the chart. Thus the work of QQE Indicator for MetaTrader 4 consists of several stages:
For more detailed settings, the indicator is equipped with a deal filter. This makes it possible to find entry and exit points in overbought and oversold zones – just set the desired filter.
QQE Indicator signals are quite simple and intuitive. The Slow QQE and Fast QQE lines move in the range between the overbought and oversold zones, periodically intersecting with each other.
The points of intersection of lines and levels give signals of different properties:
The dashboard shows information about the current status of detecting signals.
The cell of the asset / timeframe contains information about the direction of the trade (BUY or SELL) and the serial number of the bar (the number of bars back) on which the signal was detected.
The color of the cell indicates the direction of the trade (BUY – green, SELL – red) and changes the saturation of the main color depending on how much the distance of the bars from the last bar on which the signal was detected increases.
The dashboard allows traders to easily and fastly choose the assets they want to work with by clicking on a particular cell in the dashboard.
The indicator has the following parameters:
assets – selection of assets to search for signals.
enable_M1 – enable_MN – include / exclude timeframes (from a minute to a month) to search for signals via them.
max_bars – the maximum number of bars back, by which the scanner will search for signals. The parameter limits the number of calculations to speed up the indicator.
enable_alert – the option enables / disables alerts.
enable_email – allows you to send email alerts.
enable_mobile – allows you to send alerts to your mobile device.
enable_overbought_oversold_filter – enable / disable the filter detecting signals only in overbought / oversold zones.
overbought_level – the value that will be considered the overbought level.
oversold_level – the value that will be considered the oversold level.
ssf – RSI smoothing factor.
We can also turn the indicator into an Expert Advisor (trading robot) with an extended set of custom functions (stop loss, take profit, trailing stop, risk management parameters, trading time limit, and others).
Request a free consultation from our team of professional programmers and find out the cost and timing of your project development.
Nordman Algorithms is not liable for any risk that you face using the software. Please, use the software on your own responsibility. The software is coded in accordance with a common known concept and Nordman Algorithms does not guarantee accuracy or trading performance of the software signals.