Smart QQE - Chart Overlay Smart QQE shows QQE Trend and RSI plot on chart to determine the trend direction and eliminate false signals. QQE is obtained from original code by Glaz and rescaled to fit on chart. RSI 50 level acts as Zero which is plotted as a Bollinger on chart. This is not a Bollinger band . its an RSI channel with levels 0-100 plotted around the mid band. The RSI Mid Band is calculated based on RSI value.
Trend: Price above RSI Mid band is uptrend Price below RSI Mid band is Down Trend
The Green line - Discount Zone - 0-RSI level - Oversold Zone The Red Line - Premium Zone - 100 - RSI level - Overbought Zone
Buy / Sell signals QQE Buy and Sell signals are plotted based on crossovers of RSI and Fast RSI crossovers. QQE trend is colored based on the crossover.
Candle color: candle color determines the Original QQE Trend. Blue - QQE line above Threshold level in Buy Zone Pink - QQE line below Threshold level in Sell Zone
Entries are to be made with proper confirmation.
HULL MA is provided as a MA Ribbon for additional confirmation. This MA can be changed to various forms Like EMA , SMA , WMA , HMA , RMA the open and close of the MA are plotted so it determines the exact Trend reversal of the price.
Could you briefly explain the rules for long and short entry?
traderharikrishna
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@mathishartmann, Long entries must be taken after signal from indicator and price must be above the mid line of the QQE indicator. Similarly short entries must be taken after signal and after price crosses mid line from above. Mid line acts as zero line in QQE. Consider candles as QQE histogram. False signals can be eliminated using mid line. Price above mid line is uptrend and below is down trend. However follow EMA 200 for main trend. Bands above and below act as Oversold and Overbought areas of RSI indicator. Use Heikin-ashi for smoother trend.