Archived: QQE (Quantitative Qualitative Estimation) for ThinkorSwim

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BenTen

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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.

qLgSxk3.png

AFNqpDp.png


thinkScript Code

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:
 
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Not sure how I missed it before, but I like the simplicity of this one, too. Ultimate RSI is full of information, but it almost feels like information overload in one indicator - personal opinion.

I've tried toying around with QQE to create a scan, but I'm not having any luck. I have the scan set to pick up instances where RSI crosses above the Fast ATR, but nothing populates on the scan itself. Has anyone on here had any luck creating a scan for this one?
 
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Join useThinkScript to post your question to a community of 21,000+ developers and traders.

Does anyone know if it'd be possible to turn this indicator into a strategy? My knowledge with ThinkScript and writing code is pretty much non-existent, but if someone has any tips/hints or can share a starting place, I can toy around with it.
 
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I have another question and I hope someone has the answer. I've been using the TradingView's QQE and it was a big part of my strategy. And since it's available now for Thinkorswim I'm trying to add it to my scan so I don't have to check manually. The condition that I want to add is when pRsiMa is greater than pFastAtrRsiTL. But for some reason, it doesn't return any results. Is it because this is a custom script or there is a problem with the script above? I don't have the same problem with other custom indicators.

Note: 50 line cross signal works.
Thanks!
 
@CoachT The RSI uses a 0 to 100 scale. You would need to adjust that scale to range from -100 to 100 or some such adjustment. That should give the zero line as the center of the range.
 
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