This version of the indicator makes a distinction between the types of QQE cross alerts on the chart and now only recommends the Thresh Hold channel exit crosses for BUY/SELL alerts, the other two types of crosses are still there to provide pre-warning of pending BUY/SELL alerts. Also only the BUY/SELL alerts are filtered by Moving Average Filter and/or the new Directional filter (default). The default settings in this version have also been changed, particularly the Moving Averages, to indicate trend changes quicker.
Indicator Project Description: *** This is a trend following indicator alert that uses fast QQE crosses with Moving Averages for trend direction filtering. QQE or Qualitative Quantitative Estimation is based on the relative strength index, but uses a smoothing technique as an additional transformation. Three crosses can be selected (all selected by default):
RSI signal crossing ZERO (XZERO)
RSI signal crossing Fast RSIatr line (XQQE)
RSI signal exiting the RSI Threshhold Channel (BUY/SELL)
The (BUY/SELL) alerts can be optionally filtered by the Moving Average Combo:
For BUY alert the Close must be above the fast MA and fast MA (EMA8) > medium MA (EMA20) > slow MA (SMA50).
For SELL alert the Close must be below the fast MA and fast MA (EMA8) < medium MA (EMA20) < slow MA (SMA50).
and/or Directional filter (default filter):
For BUY alert the Close must be above the slow MA (SMA50) and the directional MA (EMA20) must be green.
For SELL alert the Close must be below the slow MA (SMA50) and the directional MA (EMA20) must be red.
The XZERO and XQQE are not included in the filtering, they are used to indicate pending BUY/SELL alerts, particularly the XZERO. Note: I have found the XQQE cross can also be quite good alert for BUY/SELL as well, particularly in direction of current trend. The XZERO I have found to be totally unreliable for BUY/SELL alerts.
This indicator should work on any currency pair, most chart timeframes and expiry in 3 to 6 candles for binary option trading. For hourly or longer charts expiry can be longer for binary options, or if available use standard forex trading techniques
Some Hints for using this indicator:
Avoid taking trades in non-trending market, this is normally indicated by a near Horizontal SMA50 line.
Avoid trading when all the moving averages are close together.
When trading 1min and 5min charts, expiry should set to 1-3 candles.
Avoid trading when market choppy, this is normally indicated by the fast EMA8 crossing the EMA20 back and forwards quickly.
High probability trades tend to occur when you get a XQQE followed by a XZERO and then BUY/SELL in the same direction of trend.
Don't trade near nor directly on any major market news (sometime better no trade day).
Please practise this system in DEMO first, before committing any real money. Be patient the more you practise the better and more confident you will be.
I hope you enjoy this indicator, it has proven very effective for me.
發布通知
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Release v4.0
Added implied GPL copyright notice.
Changed defaults to use HullMAs instead of EMAs.
Option for No repaint on BUY/SELL alert (Use Shunt), however, now trades should be taken when the BUY/SELL Alert is displayed. The alarm is still generated on the previous candle so you can still get a pre-warning, this enables you time to analyse the pending alert and can be controlled by the TradingView Alarm subsystem.
This is really great! Thanks for all the hard work @JustUncleL. I'm curious to where you derived your default settings from (6,3,2.618) since MT4 defaults to (8,3,1)?
Also, I see how the QQE crossover/under and zero cross signals are generated, but I'm wondering what is triggering the BUY and SELL signals? Thanks and keep up the great work :)
wa1
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Oh never mind, looks like it's all answered in the description!
JustUncleL
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@wa1, I established the original defaults from my "Inspiration" references, then tested they worked with my indicator. I found (6,3,2.618) works well for me, but it may as well be (6,3,3) the other combination that works well is (8,2,3). Feel free to experiment a bit. This indicator has proven very effective for me I still use it a lot, but I did a lot of practice with it to establish a good rapour with the indicated Price action.
JustUncleL
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@wa1, Also I find using HullMA's instead of the EMA/SMA (with the same lengths) gives a good visual of Price action, when the HullMA are running in parallel, this is normally a good time to trade.
This is awesome! Question: How would i set a dynamic alert that would choose to buy or sell based on the default? Im trying to send a action:buy or action:sell out
codeblue702
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Hi, how can i get an alert when a Buy and Sell signal is produced? Please help
ChrisCBerg
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I love the thought behind this indicator; however when I try to compile this for MT4, I receive two errors. Can you assist me in fixing my problems? Thanks in advance.
Description File Line Column
'type1' - declaration without type QQE_Alert.mq4 61 1
')' - unexpected end of program QQE_Alert.mq4 178 163
Questions
1. What are XQ, XC stand for ?
2. What are the red/green dots and red/green squares?
Thank you