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Creator: J. Welles Wilder
R- period: 14
S- period: 27
Average period: 5
In the QQE indicator, three lines are plotted below the chart.
1 – Green line is Fast factor
2 – Blue line is QQE
3 – Red line is Slow factor
The Quantitative Qualitative Estimation (QQE) indicator is a smoothed version of the RSI indicator. J. Welles Wilder’s RSI is a popular momentum indicator.
QQE is an attempt to smooth the RSI indicator in order to improve its responsiveness. The fast and slow factor lines have been included in the QQE indicator in order to take into account both volatility and momentum.
A QQE of 70 or more is considered to be an overbought condition, while a QQE of 30 or less is considered to be an oversold condition.
Whenever the red line crosses above the green line, it indicates QQE is in a bullish trend, and whenever the red line crosses below the green line, it indicates QQE is in a bearish trend
The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.
This indicator is also available in the System Builder of RZone & TradePoint for all charting methods. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.
The indicator is applicable to all types of charting. Calculated based on the number of columns on P&F charts, bricks on Renko charts, lines on Line-break charts, candles on Heikin ashi charts, and lines on Kagi charts. While the formula and reading of the indicators remain the same, they become more dynamic on these charts.