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Among the many modern developments that claim to be the determinants of the direction of the trend and the meters of its strength, you can find tools that are really able to cope with this task. With good reason, these include the Qualitative Quantitative Estimation indicator.
QQE New Histo is a modified version of the QQE indicator. Unlike its counterparts, this trading indicator is equipped with overbought levels starting from +10 and oversold levels below -10 and zero, which makes it similar to the Stochastic and Demark oscillators. In addition, it is equipped with a sound signal that is triggered when the lines intersect and the zero level.
You can download this indicator from the button at the end of this post.
Indicator calculations
The calculation method is based on a rather complicated data processing of smoothed RSI. As a result, the proposed tool allows you to find entry points on trend reversals, on serious corrections, and in divergence situations.
Indicator signals
Here we should talk not only about changing the height of the columns of the QQE New Histo histogram but also about its exit from overbought/oversold areas and changing the color of the columns. If these bars are green, then the trend is upward; the red bars indicate a bearish pattern of market developments. The bars paint in yellow for a flat market.
The most reliable signals here are the exits from overbought/oversold zones with breakdowns of the levels of +10 from top to bottom (sell signal) and -10 from bottom to top (buy signal), respectively. Also, the signal is the intersection of the zero level with a histogram, first of all, and the color change of the histogram columns in the second.
Conclusion
The QQE New Histo tool is completely devoid of such a drawback as redrawing, which is characteristic of the vast majority of technical analysis indicators built on moving averages, which is undoubted merit of its developers. It can be useful for both novice traders and experienced market speculators. This indicator has all the necessary qualities of a fully self-sufficient tool for the trading system and, unlike other oscillators, does not need additional technical analysis tools to confirm its signals and is capable of generating consistently high profits provided that it is used correctly.
Download the QQE New Histo MT4 indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Try WinRAR for Windows or The Unarchiver for Mac .
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.
