QQE MTF Indicator MT5

The QQE MTF Indicator MT5 helps forex traders identify oversold and overbought market conditions. As the name suggests, the indicator can work with different time frames based on the settings. Moreover, it provides additional confirmation of these signals with the mid-50 level. As a result, forex traders can receive more accurate oversold, overbought and trend reversal trading signals.

This oscillator indicator is easy to use and works well for both new and experienced Forex traders. Although it provides the best trading results on shorter and higher time frame charts, it may not be suitable for scalpers.

Indeed, the indicator is an integral component of many automated trading systems.

QQE MTF Indicator MT5 Trading Alerts

The indicator builds an oscillator with two indicator lines. The blue line represents the fast line and the dotted line represents the slow line. In addition, it draws a line at the 50 level, which acts as an important level to further confirm the direction of the trade. Traders can enter the market after crossing the 50 line.

If the fast indicator line crosses the 50 level line and moves up, traders should place a buy trade with a stop loss below the previous swing low. The indicator does not provide a target profit, so traders should exit positions when there is an opposite trading signal or with a good risk-reward ratio.

On the other hand, traders should open sell positions as soon as the indicator crosses and falls below the 50 mark.
QQE uses complex calculations to determine overbought and oversold conditions. Therefore, traders can combine it with the classic RSI indicator to achieve better results.

Indicator Settings

• Time Frame: Choose the timeframe to calculate the indicator data
• RSI Period: Number of candles to calculate the indicator data
• RSI Smoothing Factor: Smoothing factor for indicator calculation
• AlertLevel:, MsgAlerts:, SoundAlerts:, SoundAlertFile:, eMailAlerts: Trading alert settings

Conclusion

Thus, the QQE MTF Indicator MT5 acts as an excellent trading tool for forex traders using overbought and oversold trading conditions.