JustUncleL

QQE Cross Indicator Alert v2.0 by JustUncleL

This version of the indicator makes a distinction between the types of QQE cross alerts on the chart and now only recommends the Thresh Hold channel exit crosses for BUY/SELL alerts, the other two types of crosses are still there to provide pre-warning of pending BUY/SELL alerts. Also only the BUY/SELL alerts are filtered by Moving Average Filter and/or the new Directional filter (default). The default settings in this version have also been changed, particularly the Moving Averages , to indicate trend changes quicker.

Indicator Project Description:
*** This is a trend following indicator alert that uses fast QQE crosses with Moving Averages for trend direction filtering. QQE or Qualitative Quantitative Estimation is based on the relative strength index , but uses a smoothing technique as an additional transformation. Three crosses can be selected (all selected by default):
  • RSI signal crossing ZERO (XZERO)
  • RSI signal crossing Fast RSIatr line (XQQE)
  • RSI signal exiting the RSI Threshhold Channel (BUY/SELL)
The (BUY/SELL) alerts can be optionally filtered by the Moving Average Combo:
  • For BUY alert the Close must be above the fast MA and
    fast MA (EMA8) > medium MA (EMA20) > slow MA (SMA50).
  • For SELL alert the Close must be below the fast MA and
    fast MA (EMA8) < medium MA (EMA20) < slow MA (SMA50).
and/or Directional filter (default filter):
  • For BUY alert the Close must be above the slow MA (SMA50) and the directional MA (EMA20) must be green.
  • For SELL alert the Close must be below the slow MA (SMA50) and the directional MA (EMA20) must be red.
The XZERO and XQQE are not included in the filtering, they are used to indicate pending BUY/SELL alerts, particularly the XZERO.
Note: I have found the XQQE cross can also be quite good alert for BUY/SELL as well, particularly in direction of current trend. The XZERO I have found to be totally unreliable for BUY/SELL alerts.

This indicator should work on any currency pair, most chart timeframes and expiry in 3 to 6 candles for binary option trading. For hourly or longer charts expiry can be longer for binary options, or if available use standard forex trading techniques

Some Hints for using this indicator:
  • Avoid taking trades in non-trending market, this is normally indicated by a near Horizontal SMA50 line.
  • Avoid trading when all the moving averages are close together.
  • When trading 1min and 5min charts, expiry should set to 1-3 candles.
  • Avoid trading when market choppy, this is normally indicated by the fast EMA8 crossing the EMA20 back and forwards quickly.
  • High probability trades tend to occur when you get a XQQE followed by a XZERO and then BUY/SELL in the same direction of trend.
  • Don't trade near nor directly on any major market news (sometime better no trade day).
  • Please practise this system in DEMO first, before committing any real money. Be patient the more you practise the better and more confident you will be.
I hope you enjoy this indicator, it has proven very effective for me.
Remove from Favorite Scripts Add to Favorite Scripts
wa1 PRO
7 days ago
This is really great! Thanks for all the hard work @JustUncleL. I'm curious to where you derived your default settings from (6,3,2.618) since MT4 defaults to (8,3,1)?
Also, I see how the QQE crossover/under and zero cross signals are generated, but I'm wondering what is triggering the BUY and SELL signals? Thanks and keep up the great work :)
Reply
wa1 PRO wa1
7 days ago
Oh never mind, looks like it's all answered in the description!
Reply
JustUncleL PRO wa1
6 days ago
@wa1, I established the original defaults from my "Inspiration" references, then tested they worked with my indicator. I found (6,3,2.618) works well for me, but it may as well be (6,3,3) the other combination that works well is (8,2,3). Feel free to experiment a bit. This indicator has proven very effective for me I still use it a lot, but I did a lot of practice with it to establish a good rapour with the indicated Price action.
Reply
JustUncleL PRO wa1
6 days ago
@wa1, Also I find using HullMA's instead of the EMA/SMA (with the same lengths) gives a good visual of Price action, when the HullMA are running in parallel, this is normally a good time to trade.
Reply
wa1 PRO JustUncleL
5 days ago
@JustUncleL, Thank you for the tips!
Reply
so this does not repaint at all? may want to try to throw this on a haiken ashi chart. Just came across this, thank you for creating this!
Reply
JustUncleL PRO adamwisni
5 days ago
@adamwisni, Whilst the current bar is building the alert can change on the bar, the idea is to wait for the current candle to complete or nearly complete. Alternatively wait for the dot to appear at bottom of the screen. There should be no re-painting of historical alerts. I use this indicator a lot and I have not come across any historical re-painting.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out