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Qualitative Quantitative Estimation (QQE) Forex Indicator

The Qualitative Quantitative Estimation (QQE) indicator for MetaTrader4 is computed based on a combination of smoothed Moving Average of RSI along with the average true range i.e. ATR deployed as a volatility based trailing stop indicators.

Volatile assets such as forex, futures, stocks etc. can be monitored using the Qualitative Quantitative Estimation (QQE) indicator. The indicator displays two lines; a fast and a slow moving trailing stop lines.

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Example Chart

QQE-forex-indicator

One of the vital parameters that is used on the Qualitative Quantitative Estimation (QQE) is the:

Smoothing Factor (SF): which is essentially the moving average period that is deployed in smoothing the Relative Strength Index (RSI) indicator.

Trading alerts are generated on the Qualitative Quantitative Estimation (QQE) indicator when the blue line crosses the 50 level and when it breaks the blue dotted line. Howbeit, I’ll advice that you stick to the following alert trends: place a buy signal when the blue line crosses the blue dotted line upwards while both lines are below the 50 level, while you can also initiate a sell entry when the blue line crosses the blue dotted line downwards when both lines are above the 50 level.

Another way in which the QQE does generate alerts is by divergences between the price and the QQE in a bid to spot likely setups for trend continuation or trend reversal.

Price could form lower lows, while the QQE might form higher lows (a condition for bullish divergence) and price can also form higher highs, while the QQE indicator forms lower highs (a condition for bearish divergence).

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Download the “QQE.ex4” MT4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: chart window indicator

Customization options: Variable (SF), Colors, width & Style.

Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week

Type: divergence and convergence, trend

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