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The Qualitative Quantitative Estimation indicator is calculated based on a combination of the smoothed relative strength index (Moving average of RSI) and the average true range (ATR is used as a volatility based trailing stop) indicators. The QQE or Qualitative Quantitative Estimation indicator is particularly useful for volatile assets (stocks, futures, Forex...).
This trading indicator returns two lines: A fast and a slow moving trailing stop lines.
The indicator name is "QQE". Here is a brief description of its different parameters:
- Period: This is the period used to calculate the relative strength index and the different exponential moving averages.
- Smoothing Factor: This is the moving average period used to smooth the RSI indicator
- Type: This parameter allows you to instruct the function to return either the fast or the slow line. Set "1" to return the fast line. Otherwise, the slow line is returned by the function.
Examples:
a = QQE(14, 5, 1);
plot(a, "Fast Line");
a = QQE(14, 5, 0);
plot(a, "Slow Line", colorGreen);
There are several ways to trade the Qualitative Quantitative Estimation indicator:
- Look for crosses of the fast and slow lines when QQE is in an overbought and oversold zone
- Detect when the fast line crosses both the level 50 and the slow line
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
