This is more of the quantitative and qualitative evaluation forex indicator used in trading binary options on mt4 platforms. It is not restricted to specific currency pairs or trading times, or timeframe. It operates on the principle of forming indicative signals on a forex histogram plotted using different colors.
The new thing with this forex indicator is the signal arrows showing where a trader can open a market long position and where to place a short one. The long buy position signal is a green arrow, while the short sell position signal is the red color signal. Also, in this new version of the indicator QQE, a forex trader can configure the colors of the color arrows; they don’t have to be necessarily red color and green. Also, you can set the indicator alerts to suit you. The indicator alerts are changed at both the settings alertsOnSignalCross and alertsOnZeroCross parameters.
This indicator also significantly depends on the RSI but its smoothed version.
When you use this indicator, you should at least use it in combination with other forex indicators like the forex FXI pivot points and the channels to avoid being caught up in a wrong alarm and indication of a market trend.
QQE calculation
It is based on a calculation of the version of the forex RSI indicators. This gives rise to two indicator lines displayed on a separate chart indicator window. These lines are the fast-moving and the slow-moving lines. Therefore the forex indicator has three chart lines that are plotted.
Fig.1. The different chart lines and levels of the QQE
On the indicator window, the 50 levels are used for signals.
QQE Input bounds
As a forex trader, there are several parameters that you should set before using the QQE indicator. First is the SF, which stands for the smoothening factor and is set to a default of 5. The other is the alert level, which is set to set alert and is set to 50. It is not advisable to change this indicator parameter unless you are very well acquitted of the market trend and the strategy you are using.
Also, there are the MsgAlerts that are responsible for displaying messages. It is set to true , and once it is true, the message is displayed. Then there are the SoundAlerts that put the sound alerts and, by default, are set to true. Also, the SoundAlertFile is set to alert.wav and is the name that is assigned to the sound of the indicator sound alert.
Lastly is a indicator parameter that is responsible for sending an e-mail alert to your email address and is referred to as the eMailAlerts.
Using QQE indicator to trade
Can use the QQE indicator in various ways, which are:
- For trend indication.
In this method, the forex trader should look at when the RSI line crosses the 50 levels either downwards or upwards. If downwards, there is an uptrend and an excellent opportunity to open a long position. The vice versa is valid for a sell order.
- You are watching for overbought and oversold forex market levels.
This is done by observing whether the forex RSI passes the 30 or 70 levels. If the RSI gets to or passes the 70 levels upwards, there is an overbought. If it crosses the 30 levels downwards, then there is an oversell.
- I am pointing out divergent.
This helps in predicting chart price reversals of the market levels.
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