The basic QQE (Quantitative Qualitative Estimator) indicator is comprised of a smoothed Relative Strength Index or RSI indicator, along with two fast and slow volatility-based trailing levels.
Our QQE histogram Metatrader 5 forex indicator is a modified QQE technical indicator that adds a couple of cool features to the basic QQE indicator such as:
- Discontinued signal line levels which is deployed to further gauge the trend
- Color altering histograms that are based on the aforementioned levels
The color changes of the QQE histogram Metatrader 5 forex indicator or of its histograms can be used as a buy/sell forex trading signal.
The EUR/CAD M30 chart below displays the QQE Histogram Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dark gray line of the QQE Histogram Metatrader 5 forex indicator intersects the ascending deep sky blue line in a bottom up manner.
Sell Signal: Go short when the dark gray line of the QQE Histogram Metatrader 5 forex indicator crosses the descending light salmon line in a top downward fashion.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the light salmon QQE Histogram forex indicator line breaks below the 50.00 level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a deep sky blue QQE Histogram forex indicator line breaks above the 50.00 level.
Tips: The QQE Histogram indicator for Metatrader 5 works for scalpers, day traders and swing traders.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (RSI period, RSI smoothing factor, Fast period, Slow period, Price, DSL signal period) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the DSL QQE histo.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)