Another indicator from MT4 to pinescript, from a google search i found the that the original author is unknown and its best used for volatile pairs /JPY
yellow line is a smoothed ,
red line "slow trailing stop" is the ATR smoothing with a 14-periods wilders smoothing function that is multiplied by a factor of 4.236
Also big thanks to BlindFreddy, i used part of his supertrend indicator to make it work
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
//By Glaz study("QQE MT4") RSI_Period = input(14,title='RSI') SF = input(5,title='Slow Factor') QQE=input(4.236) Wilders_Period = RSI_Period * 2 - 1 Rsi = rsi(close,RSI_Period) RsiMa = ema(Rsi, SF) AtrRsi = abs(RsiMa - RsiMa) MaAtrRsi = ema(AtrRsi, Wilders_Period) dar = ema(MaAtrRsi,Wilders_Period) * QQE DeltaFastAtrRsi= dar RSIndex=RsiMa newshortband= RSIndex + DeltaFastAtrRsi newlongband= RSIndex - DeltaFastAtrRsi longband=RSIndex > longband and RSIndex > longband? max(longband,newlongband):newlongband shortband=RSIndex < shortband and RSIndex < shortband? min(shortband, newshortband):newshortband trend=cross(RSIndex, shortband)?1:cross(longband, RSIndex)?-1:nz(trend,1) FastAtrRsiTL = trend==1? longband: shortband plot(FastAtrRsiTL,color=red) plot(RsiMa,color=yellow)