Introduction to the QQE Indicator
The QQE Indicator is a unique and quite popular forex indicator providing solid trading signals. When it comes to solving the mystery of its name, the QQE abbreviation stands for Qualitative Quantitative Estimation. The QQE indicator performs pretty advanced calculations based on the smoothed RSI indicator. As a result, a trader gets two lines — fast and slow – and they cross each other from time to time triggering a signal.
The QQE Direction Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences. The version we share has multiple additional features like optional arrows.
Anatomy of the QQE Indicator
The QQE Indicator is primarily used for trend-momentum determination. Its great advantage is the way it deals with volatility changes and it has no lag and rarely produces false signals. As we already mentioned, the QQE Indicator consists of the fast line (green) and the slow line (red). When the fast line rises above the slow line, it triggers a potential buy trade. Conversely, when the fast line drops below the slow lines, a potential sell trade is provided. By default, it plots buy/sell arrows accordingly.
QQE Indicator: Buy Signal
Follow these steps for a long trade:
- Green line rises above red line
- Optionally, indicator lines are in the oversold area (below – 10 level)
- Buy arrow appears
- Open buy trade at the triggering candle close
- Set stop loss a few pips below the most recent market low point
- Take profit/exit long whenever an opposite arrow is plotted
QQE Indicator: Sell Signal
Follow these steps for a short trade:
- Green line drops below red line
- Optionally, indicator lines are in the overbought area (above + 10 level)
- Sell arrow appears
- Open sell trade at the triggering candle close
- Set stop loss a few pips above the most recent market high point
- Take profit/exit long whenever an opposite arrow is plotted
Additional notes
You can take into consideration the idea of adding the Moving Average to your charts. Pairing the MA with QQE indicator and trading only in the direction of the overall trend gives very good results. Take a look at the screenshot to get the idea:
How to set up the QQE indicator in MetaTrader (MT4)?
Installation Guide
Download the QQE Indicator.rar archive at the bottom of this post, unpack it, then copy and paste the QQE Indicator.ex4 or QQE Indicator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which go as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Summary Of That Forex Indicator
The QQE indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 QQE Indicator
To download the QQE Indicator for Metatrader 4 (MT4) for free just click the button below:
