The RSX QQE Metatrader 5 forex indicator is a modified version of the QQE (Quantitative Qualitative Estimator) indicator.
The setup of the RSX QQE MT5 indicator is designed to allow for the cross integration of the smoothed Relative Strength Index (RSI) indicator and two volatility-based trailing levels (fast and slow).
The Fast Trailing Level (TL) and Slow TL are built by calculating the average range of the smoothed RSI over n-periods and then further smoothing the average range using an additional n-periods Wilders smoothing function.
The resultant smoothed average range of the RSI is then multiplied by the Fast and Slow average range Multipliers to compute the final Fast and Slow Trailing Levels.
The AUD/USD M15 chart below displays the Rsx QQE Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the line of the Rsx QQE Metatrader 5 forex indicator turns deep sky blue.
Sell Signal: Go short when the line of the Rsx QQE MT5 forex indicator turns light salmon.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the Rsx QQE Metatrader 5 forex indicator turns light salmon.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the Rsx QQE MT5 forex indicator turns deep sky blue.
Tip: Bullish and bearish market conditions are usually gauged when the readings of the Rsx QQE Metatrader 5 indicator is high and low respectively.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (RSX period, RSX smoothing factor, Fast period, Slow period, Price), 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 Rsx QQE.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)