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QQE Mod Histogram Indicator
QQE Mod Histogram Indicator For MT4 uses RSI and smoothing factor to provide forex bullish and bearish trend trading signals. Very profitable and reliable.
The QQE Mod histogram indicator for MT4 is a modified version of the QQE indicator. It uses the RSI and applies a smoothing factor to identify overbought and oversold forex technical levels, trend direction and trend strength.
The indicator is a simple multicolor histogram that shows bullish, bearish and neutral price trend and is suitable for new and experienced forex traders. Moreover, it works well in all intraday price charts and the daily, weekly and monthly charts. Additionally, traders can use this indicator for auto trading strategies.
QQE Mod Histogram Indicator For MT4 Trading Signals
The indicator plots a histogram bar with green indicating bullish market trend, red shows bearish price trend and yellow means neutral trend. Furthermore, it has two levels at +10 and -10 respectively with an upper boundary of the oscillator value at 60 and a lower one at 40.
As this momentum indicator values move above 10, it turns the histogram bar to green. So, traders can enter the market with a buy trade and place a stop below the previous swing low. For best results, traders can book profits if the histogram bars turn yellow or red.
Similarly, in a bearish trend histogram bars turn red to signal a sell trade. However, traders should exercise caution if the histogram bars are yellow as it indicates a neutral trend.
Conclusion
In summary, the QQE mod histogram indicator for MT4 is an RSI based overbought and oversold indicator. It provides trend direction and strength using the histogram bars.
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