This is a major upgrade of my original QQE indicator Tool, this version is directed at Forex and Crypto Margin trading. This version can also be used with AutoView/ProfitView Chrome add-on in a semi-automatic (turn on only when conditions are favorable) or automatic way, with Signal to Signal or Signal to Close trading.
This is a Trend following indicator that uses fast QQE crosses to capture swings in direction of the main Trend. Alerts are filtered with Two Moving Average Ribbons and/or Direction of MAs. The QQE or Qualitative Quantitative Estimation is based on the ( ), but uses a smoothing technique as an additional transformation. Three crosses can be selected (all selected by default):
- Smooth signal crossing ZERO (XZ)
- Smooth signal crossing Fast QQE line (XQ), this is like an early warning swing signal.
- Smooth signal exiting the Threshhold Channel (XC), this is like a confirmed swing signal. An optimal Smooth threshold level is between 5% and 10% (default=10), it helps reduce the false swings.
These signals can be selected to Open Short/Long and/or Close a trade, default is XC open trade and XQ (or opposite open) to Close trade.
The (LONG/SHORT) alerts can be optionally filtered by the Moving Average Ribbons:
- For LONG alert the Close must be above the fast MA Ribbon and fast MA Ribbon must be above the slow MA Ribbon.
- For SHORT alert the Close must be below the fast MA Ribbon and fast MA Ribbon must be below the slow MA Ribbon.
- For LONG alert the Close must be above the medium MA and the directional of both MA ribbons must be .
- For SELL alert the Close must be below the medium MA and the directional of both MA ribbons must be .
- For LONG and SHORT alerts I recommend you use "Once per Bar" alarm option
- For CLOSE alerts I recommend you use "Once per Bar Close" alarm option
(* and close signals come at the end of candles *)
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.