The QQE Histogram is an MT4 momentum indicator developed to aid forex day traders with real-time overbought/oversold signals.
This indicator also includes a 14-period RSI that offers a double confirmation about the possible price reversals.
When both QQE and RSI show positive value, we consider the momentum is bullish. The indicator value moves above 10, and the bars turn red when the market turns overbought.
Conversely, the QQE bars drop below the zero-line along with the RSI slope when the momentum turns bearish.
We’ll consider the market as oversold when the QQE bars move lower than the -10 level and show up in red color.
- The QQE histogram starts rising from the zero-line
- The RSI slope carries a positive value
- Exit long when the indicator value drops below 10
- The QQE histogram bars drop below the zero-line
- The RSI shows a negative value
- Exit short after the indicator value manages to rise above -10