QQE — Indicator by glaz

The Metastock version of Quantative Qualitative Estimation with two trailing stop lines and more options
Yellow line can be hidden if its too many signals and expirement with the Slow/Fast Trailing stop lines.

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.

Disclaimer

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Want to use this script on a chart?

//By Glaz Metastock Version of QQE
study("QQE")
src=close
Fast=input(2.6180)
Slow=input(4.2360)
RSI=input(14)
SF=input(2,title='Slow Factor')
WiMA(src, length) => 
    MA_s=(src + nz(MA_s[1] * (length-1)))/length
    MA_s

RSIndex= ema(rsi(close,RSI), SF)

//{Smoothed ATR of Smoothed RSI}
TH= iff(RSIndex[1] > RSIndex, RSIndex[1], RSIndex)
TL= iff(RSIndex[1] < RSIndex, RSIndex[1], RSIndex)
TR= TH-TL

AtrRsi= WiMA(TR, 14)
SmoothedAtrRsi= WiMA(AtrRsi, 14)

//{Fast and Slow ATR Trailing Levels} 

DeltaFastAtrRsi= SmoothedAtrRsi*Fast

newshortband=  RSIndex + DeltaFastAtrRsi
newlongband= RSIndex - DeltaFastAtrRsi
longband=RSIndex[1] > longband[1] and RSIndex > longband[1]?
 max(longband[1],newlongband):newlongband
shortband=RSIndex[1] < shortband[1] and  RSIndex < shortband[1]?
 min(shortband[1], newshortband):newshortband
trend=cross(RSIndex, shortband[1])?1:cross(longband[1], RSIndex)?-1:nz(trend[1],1)
FastAtrRsiTL = trend==1? longband: shortband

DeltaSlowAtrRsi= SmoothedAtrRsi*Slow

newshortband1=  RSIndex + DeltaSlowAtrRsi
newlongband1= RSIndex - DeltaSlowAtrRsi

longband1=RSIndex[1] > longband1[1] and RSIndex > longband1[1]?
 max(longband1[1],newlongband1):newlongband1
shortband1=RSIndex[1] < shortband1[1] and  RSIndex < shortband1[1]?
 min(shortband1[1], newshortband1):newshortband1

trend1=cross(RSIndex, shortband1[1])?1:cross(longband1[1], RSIndex)?-1:nz(trend1[1],1)
SlowAtrRsiTL= trend1==1? longband1: shortband1

plot(RSIndex,title="RSIndex",color=yellow)
plot(FastAtrRsiTL,title="FastAtrRSI",color=green)
plot(SlowAtrRsiTL,title="SlowAtrRSI",color=red)