The QQE Indicator MT5, short for Qualitative Quantitative Estimation, utilizes a smoothing technique to enhance the RSI. This indicator has proven to be reliable in adapting to changes in market volatility and is unique in that it has no lag and produces few false signals.
Sounds interesting? Let’s take a closer look at it.
Introducing the VWAP Indicator
MT5 Indicator Overview
The download link of the QQE MT5 indicator is placed at the bottom of this post. Once you’re done, your Metatrader 5 trading chart should look similar to the example below.
The QQE indicator can be used to identify trend reversals and overbought or oversold price levels, similar to the RSI indicator. However, the QQE is known to be slightly slower and smoother than the RSI, making QQE advantageous in avoiding false signals.
In other words, that QQE indicator is commonly used to determine market trends. If the indicator is above the 10 level, it signifies an upward or bullish trend, indicating a potential buy opportunity. In this way, the QQE can act as a filter for trade decisions, allowing traders to open long positions when the indicator is above the 10 level and short positions when it is below.
QQE Identifies Overbought and Oversold Levels
Additionally, the QQE can also be used to identify overbought and oversold market conditions. A reading above 12 indicates a strong market, suggesting a good time to enter a long position. Conversely, a QQE reading below negative 12 suggests a potentially oversold market, indicating a possible short position.
Using QQE For Detecting Divergencs Between Price And Momentum
What’s more, the QQE indicator is a helpful tool for detecting divergence between price and momentum. A bullish divergence is indicated when the QQE indicator sets higher lows while prices form lower lows, suggesting an upcoming bullish reversal. Conversely, a bearish divergence occurs when the QQE forms lower highs while prices set higher highs, indicating a potential bearish reversal. In addition, when the bold line crosses the trailing line, it signals a change in momentum. A bullish momentum is suggested when the bold line crosses above the slow trailing line, while a short-term downside momentum is indicated when the QQE smooth line crosses below the trailing line.
How to set up that MT5 indicator in your trading platform?
Download the qqe-indicator-mt5.rar archive at the bottom of this post, unpack it, then copy and paste the qqe-indicator.ex5 or qqe-indicator.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The MT5 QQE Indicator is a useful and reliable tool that offers various options for generating buy and sell signals, including identifying trend reversals and profitable trading positions. It is recommended to incorporate the QQE indicator into trading strategies.
Download Free Forex QQE MT5 Indicator
To download the QQE Indicator for Metatrader 5 (MT5) for free just click the button below: