QQE Indicator
QQE starts from an EMA-smoothed RSI, then wraps it in a pair of bands whose distance from the line is set by the RSI's own recent volatility (a double-smoothed bar-to-bar change in the smoothed RSI, widened by a multiplier). Whichever band the smoothed RSI is currently sitting against becomes the trend line: it trails price as long as the RSI keeps confirming that side, and it only lets go and jumps to the other band once the RSI actually pierces it. That is the entire reason to use QQE over a raw RSI level cross - the bands adapt to how choppy the RSI itself has been recently, so a quiet market needs a smaller move to flip trend and a volatile one needs a proportionally bigger one, instead of every instrument and every session being judged against the same fixed 30/70 line. Elder-style presentations often recolour the RSI line itself for the trend state. Neither this catalogue's MQL4 build nor a plain MQL5 DRAW_LINE plot has a colour-indexed drawing mode simple enough for the job, so the trend line is split across two buffers on both platforms instead - the same EMPTY_VALUE technique used throughout this catalogue - with only one of the two ever holding a value on a given bar. Notes and limitations - Needs roughly RsiPeriod + RsiSmoothing + 2 x (2 x RsiPeriod - 1) bars of history before the first value appears; earlier bars are intentionally left empty rather than guessed. - The band-tracking recursion is seeded at the oldest bar in range with a flat band rather than true prior history, so the first handful of bars after that seed can behave slightly differently from a chart with a longer history loaded. This settles out quickly and never affects anything after warm-up. - The forming, still-open bar can change trend side tick to tick as its own RSI develops through the bar - that is the same live-update behaviour any oscillator has intrabar, not repainting of a closed bar; once a bar closes its side is final. - This is a derived oscillator with a 0-100 scale, not a price-based trailing stop - it does not itself suggest a stop-loss distance.
Indicator · MT4 · v1.0 · Free
About QQE Indicator
QQE Indicator is an indicator for MetaTrader 4 based on RSI. It can alert you with a pop-up, sound, email or push message. It has 4 settings, such as Rsi period, Rsi smoothing and Slow factor. MQL source code included.
Files in the download: Qqe.ex4, Qqe.mq4, Qqe.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Rsi period | 14 | RSI period, in bars |
| Rsi smoothing | 5 | EMA period smoothing the raw RSI into the fast line |
| Slow factor | 4.236 | Multiplier widening the bands away from the fast line |
| Alerts | true | Alert once per closed bar when the trend side flips |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: RSI · Moving Average · Trend · Trailing Stop & Break-even · Alerts · MT4 Indicator · MQL4 Source Code