QQE With Alerts Indicator MT4

The QQE with alerts indicator MT4 helps forex traders to identify the oversold and overbought market conditions. Moreover, it provides additional confirmation of these signals using the mid 50 level. As a result, forex traders can get more accurate oversold, overbought and reversal trend trading signals.

This oscillator indicator is simple to use and works well for new and advanced forex traders. Though, it provides best trading results on short and higher time frame charts, they may not be suitable for scalpers. Indeed, the indicator forms an integral component of many automated trading systems.

QQE With Alerts Indicator MT4 Trading Alerts

he indicator plots an oscillator with two indicator lines. The blue line represents the fast line and the dotted line indicates a slow line. Furthermore, it plots a line at 50 level, that acts as an important level for additional confirmation of the trade direction. Traders can enter the markets upon the crossover of the 50 line.

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

On the other hand, traders should enter sell positions once the indicator crosses and moves below the 50 mark.
QQE Quantitative Qualitative Estimation uses complex calculation to derive the overbought and oversold condition. So traders can combine it with the classic RSI indicator for better results.

SF: Smoothing factor for indicator calculation

AlertLevel:, MsgAlerts:, SoundAlerts:, SoundAlertFile:, eMailAlerts: Trading alert settings

Conclusion

In summary, the QQE with alerts indicator for MT4 that acts as an excellent trading tool to forex traders using overbought and oversold trading conditions.