JustUncleL

[Alerts]QQE Cross v6.0 by JustUncleL

Description:
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 relative strength index ( RSI ), but uses a smoothing technique as an additional transformation. Three crosses can be selected (all selected by default):
  • Smooth RSI signal crossing ZERO (XZ)
  • Smooth RSI signal crossing Fast QQE line (XQ), this is like an early warning swing signal.
  • Smooth RSI signal exiting the RSI Threshhold Channel (XC), this is like a confirmed swing signal. An optimal Smooth RSI 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.
and/or directional filter:
  • For LONG alert the Close must be above the medium MA and the directional of both MA ribbons must be Bullish .
  • For SELL alert the Close must be below the medium MA and the directional of both MA ribbons must be Bearish .
This indicator is designed to be used as a Signal to Signal trading BOT in automatic or semi-automatic way (start and stop when conditions are suitable).
  • 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
(* The script has been designed so that long/short signals come at start of candles *)
(* and close signals come at the end of candles *)

JustUncleL
Open-source script

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.

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