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Quantitive Qualitative Estimation (QQE)

Quantitive Qualitative Estimation indicator is a combination moving average RSI + ATR.
It's very useful for volatile pair such as GBP/ JPY, GBP/USD, USD/ JPY.

This is how the QQE indicator is created:

1. Create an exponential moving average of RSI; the periods (length) is user-defned, default value is 2.
2. Create the 14-period ATR indicator based on the EMA of RSI.
3. Create the 2 trailing stop lines:
• fast trailing stop is the ATR smoothed with a 14-periods wilders() smoothing function that is multiplied
by a factor of 2.618,
• slow trailing stop is the ATR smoothing with a 14-periods wilders() smoothing function that is multiplied
by a factor of 4.236.

Quantitive Qualitative Estimation (QQE)

{Smoothed RSI}
{Coding by Preston Umrysh}

RSIndex:= Mov(RSI(C,14), 2, E);

{Smoothed ATR of Smoothed RSI}

TH:= If(Ref(RSIndex,-1) > RSIndex, Ref(RSIndex,-1), RSIndex);
TL:= If(Ref(RSIndex,-1) < RSIndex, Ref(RSIndex,-1), RSIndex);
TR:= TH-TL;

AtrRsi:= Wilders(TR, 14);
SmoothedAtrRsi:= Wilders(AtrRsi, 14);

{Fast and Slow ATR Trailing Levels}

DeltaFastAtrRsi:= SmoothedAtrRsi*2.6180;

FastAtrRsiTL:=If(Ref(RSIndex,-1) > PREV AND
RSIndex > PREV, Max(PREV, RSIndex-DeltaFastAtrRsi), If(Ref(RSIndex,-1) < PREV AND
RSIndex < PREV, Min(PREV, RSIndex + DeltaFastAtrRsi),
If(Cross(RSIndex, PREV), RSIndex - DeltaFastAtrRsi,
If(Cross(PREV, RSIndex), RSIndex + DeltaFastAtrRsi, PREV))));

DeltaSlowAtrRsi:= SmoothedAtrRsi*4.2360;

SlowAtrRsiTL:=If(Ref(RSIndex,-1) > PREV AND
RSIndex > PREV, Max(PREV, RSIndex-DeltaSlowAtrRsi), If(Ref(RSIndex,-1) < PREV AND
RSIndex < PREV, Min(PREV, RSIndex + DeltaSlowAtrRsi),
If(Cross(RSIndex,PREV), RSIndex - DeltaSlowAtrRsi,
If(Cross(PREV,RSIndex), RSIndex + DeltaSlowAtrRsi, PREV))));

RSIndex;
FastAtrRsiTL;
SlowAtrRsiTL;
{end}

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