The indicator QQE, is an interesting tool based on a Relative Strength Index (RSI). While the original RSI is often used as a pointer for overbought or oversold market phases, the QQE provides additional information. Use the QQE to display trend direction and trend strength.
For me this is one of the most important indicator for Trend Following.
##This QQE indicator is an improved version made by 'mladen' for Metatrader 4.
The histogram does not differ from the original QQE! The developer has adapted the scaling so that the central horizontal level is zero. It has no effect to the result, but is much more convenient to analyze the trend.
Main Signals
Background changes when the black line crosses the grey line.
Identify the trend direction
Singal turns green while the main QQE trendline is above the zero line and red while it is below.
This works best in the major timeframes like Daily or Weekly. You can activate this signal in the settings. NYSE:THO
Identify the trend strength
_Histogram Colors_ Green (above 10): bullish Red (below -10): bearish Yellow: flat
It is not a buy or sell signal when the color of the histogram changes. It only says that one side could gained the advantage.
If you use a large timeframe like Monthly, you can reduce the number of false signal by setting the SF (Slow Factor) from 5 (default) to 1. S&P 500, Monthly
Please always remember, there is no holy grail indicator! ...but this one defines trends quite accurately.
//
// Find all the QQE Crosses
QQExlong = 0, QQExlong := nz(QQExlong[1])
QQExshort = 0, QQExshort := nz(QQExshort[1])
QQExlong := sQQEx and FastAtrRsiTL< RSIndex ? QQExlong+1 : 0
QQExshort := sQQEx and FastAtrRsiTL> RSIndex ? QQExshort+1 : 0
// Zero cross
QQEzlong = 0, QQEzlong := nz(QQEzlong[1])
QQEzshort = 0, QQEzshort := nz(QQEzshort[1])
QQEzlong := sQQEz and RSIndex>=50 ? QQEzlong+1 : 0
QQEzshort := sQQEz and RSIndex<50 ? QQEzshort+1 : 0
//
// Thresh Hold channel Crosses give the BUY/SELL alerts.
QQEclong = 0, QQEclong := nz(QQEclong[1])
QQEcshort = 0, QQEcshort := nz(QQEcshort[1])
QQEclong := sQQEc and RSIndex>(50+ThreshHold) ? QQEclong+1 : 0
QQEcshort := sQQEc and RSIndex<(50-ThreshHold) ? QQEcshort+1 : 0
// QQE exit from Thresh Hold Channel
plotshape(sQQEc and QQEclong==1 ? RsiMa-50:na , title="QQE XC Over Channel", style=shape.diamond, location=location.absolute, color=olive, transp=0, size=size.small, offset=0)
plotshape(sQQEc and QQEcshort==1 ? RsiMa-50:na , title="QQE XC Under Channel", style=shape.diamond, location=location.absolute, color=red, transp=0, size=size.small, offset=0)
// QQE crosses
plotshape(sQQEx and QQExlong==1 ? FastAtrRsiTL[1]-50:na , title="QQE XQ Cross Over", style=shape.circle, location=location.absolute, color=lime, transp=0, size=size.small,offset=-1)
plotshape(sQQEx and QQExshort==1 ? FastAtrRsiTL[1]-50 : na , title="QQE XQ Cross Under", style=shape.circle, location=location.absolute, color=blue, transp=0, size=size.small,offset=-1)
// Signal crosses zero line
plotshape(sQQEz and QQEzlong==1? RsiMa-50:na, title="QQE XZ Zero Cross Over", style=shape.square, location=location.absolute, color=aqua, transp=0, size=size.small,offset=0)
plotshape(sQQEz and QQEzshort==1? RsiMa-50:na, title="QQE XZ Zero Cross Under", style=shape.square, location=location.
fyntrade
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@Vooooom, whatever :D I didn't invent the QQE just published on TV in a slightly different "design". I have not even designed this indicator, this honor is due as noted in the description to someone called "mladen".
tombrain99
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cheers vom
hugoandres
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Es posible que tenga problemas con los colores de fondo cuando alejo o acerco la pantalla?