QQE MetaTrader indicator — or Quantitative Qualitative Estimation, is based on a rather complex calculation of the smoothed RSI indicators. As a result we get 2 lines in a separate indicator window — fast and slow.
There is also an important indicator level (50), which is used in signals. You can enable text, sound and e-mail alerts for this indicator. The indicator is available for both MT4 and MT5.
- SF (default = 5) — a smoothing factor.
- AlertLevel (default = 50) — indicator level for alerts. It’s not recommended to change it.
- MsgAlerts (default = true) — if true, message alerts will appear.
- SoundAlerts (default = true) — if true, sound alerts will be used.
- SoundAlertFile (default = “alert.wav”) — a file name of the sound of sound alert.
- eMailAlerts (default = false) — if true, e-mail alerts will be sent according to the MetaTrader e-mail settings.
In the original QQE indicator trading system, the signals are generated when the blue line crosses level 50 and when it crosses the yellow (dotted) line.
But I recommend using the following signals for trading: go long when the blue line crosses yellow line from below while both are below level 50; go short when the blue line crosses yellow line from above while both are above level 50.