QQE Alert MTF v5 Forex Indicator is an oscillatory type of indicator. It oscillates giving the indication of either a down trend or an uptrend.
Oscillation indicators are sometimes the best indicators since they tend to indicate even the slightest swings in the market prices as compared to trend indicators that only show the trend in the market. With oscillatory indicators, they sync with the market.
Understanding the indicator.
Now back to the indicator! The QQE Alert MTF v5 indicator is displayed on a separate window below the main trading chart. It is made up of three lines that are of different colors. The three lines oscillate about a line. Unlike most of the other oscillatory indicators, this indicator oscillates about a line at a level of 50 of the vertical scale of the indicator’s chart rather than the zero line.
The vertical scale of the indicators window is dynamic rather than static. It varies depending on the market levels and trend.
Fig.1. The QQE Alert MTF v5 indicator
The indicator also has alert capabilities of when the line crosses the level of fifty and when the lines cross. However this alerts are by default set as false meaning they are not given. It will need the trader to set them as true for them to be produced. These alerts can either be in the form of email, in the form of an alert sound or both depending on which you set as true.
The indicator is also responsible for providing pop up messages when the QQE lines cross the 50 level moving upwards or downwards, when the QQE lines cross each other up or down, when the QQE lines cross the 50 level upwards and the QQE line cross and when the QQE lines cross the 50 level downwards and the QQE line cross.
Using the QQE Alert MTF v5 indicators in placing and closing trades.
The trader should take note of when the QQE cross the fifty level either moving upwards or downwards. These are the trading signals. When the QQE crosses the 50 level downwards, the trader should be prepared to place a sell order. When the QQE crosses the 50 level upwards, the the trader should be prepared to place a buy order.
You should note that the red line is below all the other lines when the QQE crosses the 50 level moving downwards and the same red line is above all other lines when the QQE crosses the 50 level moving upwards.
The trader should place the sell or buy in the beginning of the next candlestick that forms after the level of 50 is crossed.
Fig.2. Placing and closing orders using the QQE Alert MTF v5 indicator.
The sell order should be closed when any of the other lines cross the red line downwards while the buy order should be closed when any of the other lines crosses the red line upwards.
Forex Indicators Download – Instructions
QQE Alert MTF v5 Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
QQE Alert MTF v5 Forex Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install QQE Alert MTF v5 Forex Indicator.mq4?
- Download QQE Alert MTF v5 Forex Indicator.mq4
- Copy QQE Alert MTF v5 Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on QQE Alert MTF v5 Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator QQE Alert MTF v5 Forex Indicator.mq4 is available on your Chart
How to remove QQE Alert MTF v5 Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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QQE Alert MTF v5