QQE is short for Qualitative Quantitative Estimation and represents a Metatrader 4 forex indicator that uses the smoothed Moving Average of Relative Strength Index indicator.
It’s an oscillator that tries to find discrepancies in which price forms a new maximum while overcoming the level of its previous maximum.
The QQE indicator also uses the ATR (Average True Range) as a volatility based trailing stop technical tool.
The indicator does pretty well when monitoring assets like futures, stocks, forex etc.
There are two default lines found within the indicator window: a dotted yellow line (slow trailing stop line) and a dodger blue line (fast trailing stop line).
The EUR/USD H1 chart below displays the QQE Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dodger blue line of the QQE Metatrader 4 forex indicator breaks above the 50.00 signal level.
Sell Signal: Go short when the dodger blue line of the QQE Metatrader 4 forex indicator dips below the 50.00 signal level.
Exit buy trade: Close all buy orders if while a bullish trend is running, the yellow dotted line of the QQE indicator crosses the dodger blue line in a top downward manner to hover above it.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the yellow dotted line of the QQE indicator intersects the dodger blue line in a bottom up fashion to stay below it.
Tips: The QQE indicator can also be used in spotting divergence between price and the indicator, thus helping currency traders determine buy/sell setups for trend reversal or trend continuation.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Alert Level, Msg Alerts, Sound Alerts, Sound AlertFile, eMail Alerts), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator | trend | divergence
Copy and paste the qqe.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)