QuantifiedTrends
- Indicators
-
Shi Yuan Wang
I write custom indicators, Expert Advisors (EAs), scripts and trading tools
for MetaTrader 4 and MetaTrader 5, and indicators for TradingView (Pine Script).
What I can do for you:
- Convert a clearly described trading rule into a backtestable MQL4/MQL5 EA - Version: 1.10
Overview
QuantifiedTrends is a MetaTrader 5 indicator that runs in a separate chart sub-window. It describes momentum conditions through three calculation layers:
- Primary QQE layer: an RSI-based structure that uses smoothing and the smoothed RSI's own variation to build adaptive upper and lower bands and a primary QQE trend line.
- Statistical envelope layer: Bollinger Bands applied to the deviation of the primary QQE trend line from the 50 midline, used to determine whether primary momentum readings are at a statistically high or low level.
- Secondary QQE layer: a second QQE with more sensitive settings, whose RSI deviation from the 50 level provides the histogram values.
The indicator plots the result as a histogram in its own panel. It is used to observe how far momentum has moved away from a neutral level and whether that deviation has reached a statistically extreme state.
QuantifiedTrends is a chart analysis tool. It does not place trades, does not generate trading advice, does not provide alerts, and does not include automated trading functions.
What is displayed
- Zero line: a horizontal level in the panel that represents the momentum midline. The histogram is drawn above and below this line.
- Gray histogram (Secondary RSI Histogram): plotted when the secondary momentum deviation from the midline exceeds the configured threshold. Momentum has moved away from the neutral zone, but has not been confirmed as statistically extreme.
- Cyan histogram (Up Signal): plotted when secondary momentum exceeds the threshold to the upside and the primary momentum deviation is above the upper envelope band.
- Crimson histogram (Down Signal): plotted when secondary momentum exceeds the threshold to the downside and the primary momentum deviation is below the lower envelope band.
- Secondary trend line (Sec Trend Line): not colored by default and therefore not visible on the panel. Assign a color in the indicator's color settings if the line is needed.
How to read it
- Bar height shows the size of the secondary momentum deviation from the midline.
- Continuous cyan bars indicate that upside momentum remains above the upper envelope band.
- Continuous crimson bars indicate that downside momentum remains below the lower envelope band.
- Gray bars on their own indicate that momentum has left the neutral zone while primary momentum has not reached a statistical extreme.
- A change from cyan or crimson to gray, or the disappearance of bars, indicates that momentum has returned inside the threshold range.
The indicator displays momentum conditions. It does not predict price movement and does not provide entry or exit levels.
How to use
- Attach the indicator to a chart of any symbol and timeframe. It is displayed in a separate sub-window.
- With the default settings, approximately 82 bars of history are required before the indicator starts plotting.
- Observing the indicator in the Strategy Tester's visual mode across different market phases is recommended before changing the settings.
- The indicator can be used together with other analysis tools such as price action, support and resistance, or trend lines.
- Momentum behavior differs between symbols and timeframes, so the settings can be adjusted per instrument.
Input parameters
Primary Settings
Parameter | Default | Description |
|---|---|---|
PrimaryRsiLength | 6 | RSI period used by the primary QQE. Higher values produce smoother and slower readings. |
PrimaryRsiSmoothing | 5 | Exponential smoothing period applied to the primary RSI. Higher values increase smoothing and lag. |
PrimaryQqeFactor | 3.0 | Band width factor of the primary QQE. Higher values produce wider bands and fewer direction changes; lower values react faster with more noise. |
Secondary Settings
Parameter | Default | Description |
|---|---|---|
SecondaryRsiLength | 6 | RSI period used by the secondary QQE. |
SecondaryRsiSmoothing | 5 | Exponential smoothing period applied to the secondary RSI. |
SecondaryQqeFactor | 1.61 | Band width factor of the secondary QQE. The default is lower than the primary value, which makes the secondary layer more responsive. |
SecondaryThreshold | 3.0 | Display threshold for the secondary momentum deviation from the midline. Higher values plot bars only for stronger deviations. |
Bollinger Bands Settings
Parameter | Default | Description |
|---|---|---|
BollingerLength | 50 | Lookback period of the statistical envelope. Higher values give a more stable envelope. |
BollingerMultiplier | 0.35 | Standard deviation multiplier. Higher values widen the envelope and reduce the number of cyan and crimson bars; lower values increase their number. |
Intended users
- Chart analysts who want to observe momentum strength and momentum extremes.
- Users who want to add a momentum filter to an existing trading method.
- Traders who work across several symbols and timeframes in MetaTrader 5.
Licensing note
The indicator is currently distributed free of charge through the MQL5 Market. After the number of downloads reaches 100, the author plans to change the licensing model to a paid one, with a short-term rental option available.
Under the MQL5 Market rules, users who obtain the product during the free period can continue to use that version within the available number of activations. The change of the licensing model does not impose any restrictions on copies already obtained. The product itself contains no limitations based on time, account, symbol, or number of uses.
Support
For questions about the product, please contact the author through the comments section of this product page or through MQL5.community messages.
Risk disclaimer
This indicator is a technical analysis tool. It is not investment advice and does not guarantee any trading result. Values are calculated from historical prices, and the conditions shown by the indicator do not represent future price movement. The user is responsible for evaluating and accepting the risk of all trading decisions.
