Archived: QQE (Quantitative Qualitative Estimation) for ThinkorSwim

[BenTen]

These are the archived posts for the QQE. The current thread can be found:

https://usethinkscript.com/threads/qqe-quantitative-qualitative-estimation-for-thinkorswim.938/

​

QQE — or Quantitative Qualitative Estimation, is based on a rather complex calculation of the smoothed RSI indicators.

The QQE indicator consists of a smoothed Relative Strength Index (RSI) indicator and two volatility-based trailing levels (fast and slow). The Fast Trailing Level (TL) and Slow TL are constructed by calculating the ATR of the smoothed RSI over n-periods and then further smoothing the ATR using an additional n-periods Wilders smoothing function. This smoothed ATR of RSI is then multiplied by the Fast and Slow ATR Multipliers to calculate the final Fast and Slow Trailing Levels.

thinkScript Code

# QQE Indicator
# Converted by Kory Gill for BenTen at useThinkScript.com
# Original https://www.tradingview.com/script/zwbe2plA-Ghosty-s-Zero-Line-QQE/

declare lower;

input RSI_Period = 20;
input Slow_Factor = 5;
input QQE = 4.236;

def Wilder_Period = RSI_Period * 2 - 1;
def vClose = close;

def rsi = RSI(price = vClose, length = RSI_Period).RSI;
def rsi_ma = MovingAverage(AverageType.EXPONENTIAL, rsi, Slow_Factor);
def atr_rsi = AbsValue(rsi_ma[1] - rsi_ma);
def atr_rsi_ma = MovingAverage(AverageType.EXPONENTIAL, atr_rsi, Wilder_Period);
def dar = MovingAverage(AverageType.EXPONENTIAL, atr_rsi_ma, Wilder_Period) * QQE;

def DeltaFastAtrRsi = dar;
def RSIndex = rsi_ma;
def newshortband =  RSIndex + DeltaFastAtrRsi;
def newlongband = RSIndex - DeltaFastAtrRsi;

def longband = if RSIndex[1] > longband[1] and RSIndex > longband[1]
               then max(longband[1],newlongband)
               else newlongband;

def shortband = if RSIndex[1] < shortband[1] and  RSIndex < shortband[1]
                then min(shortband[1], newshortband)
                else newshortband;

def trend = if Crosses(RSIndex, shortband[1])
            then 1
            else if Crosses(longband[1], RSIndex)
            then -1
            else if !IsNAN(trend[1])
            then trend[1]
            else 1;

def FastAtrRsiTL = if trend == 1
                   then longband
                   else shortband;

plot pFastAtrRsiTL = FastAtrRsiTL;
plot pRsiMa = rsi_ma;
plot line50 = 50;

pFastAtrRsiTL.SetDefaultColor(CreateColor(225,109,47));
pRsiMa.SetDefaultColor(CreateColor(113,225,180));

Learn more about the QQE indicator and how to trade it:

• http://dewinforex.com/forex-indicat...il-but-accurately-defines-trend-and-flat.html
• https://pipbear.com/indicator/qqe-and-rsi-strategy/

 

[jimmyjamesiv]

I don’t know of one on here. Maybe someone could code it for thinkscript.

 

[MerryDay]

im assuming this script isnt for TOS?? Does anyone know where to find the QQE histogram version. ive searched the forums up and down and only found one person with it but no code or links when asked...just given the two line version.

@mosqj @jimmyjamesiv
Here ya go: https://usethinkscript.com/threads/...imation-for-thinkorswim.938/page-4#post-77353

 

[majidg]

Can you please provide the link to the above charts

 

[MerryDay]

Can you please provide the link to the above charts

Did you know that clicking on a member's avatar will allow you to see when a member was last seen on the uTS forum? @kelvin has not been seen in a while.

 

[MerryDay]

I know the different alerts that can be set, what I'm asking is how to set an alert that is triggered and sent out to an email/text when the scanner is running and it should kick when the candle is showing crossing over/under with the QQE.

Are you asking how to set a scan alert?