BOSS Bullish/Bearish Quantitative Qualitative Estimation (QQE)

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This indicator is comprised by a smoothed Relative Strength Index and two trailing levels, based on volatility – Fast Trailing Level (Fast TL – the maroon line on the chart above) and Slow Trailing Level (Slow TL – the blue line on the chart above). 

The two are determined by calculating the Average True Range (ATR) of the smoothed RSI during a specified number of periods, after which a further ATR smoothing is applied with the use of an additional n-periods Wilders smoothing function. 

Ultimately, the RSI’s smoothed ATR is multiplied by the Fast and Slow ATR Multipliers in order to determine the final Fast and Slow Trailing Levels. 

Trading the QQE buy and sell signals: 

Buy Signal 

Bullish crossover happens when Fast ATR TL crosses above Slow ATR TL. When this occurs a blue circle & blue candle will appear and a alert signal to buy is generated. 

Sell Signal 

Bearish crossover happens when Slow ATR TL crosses above Fast ATR TL. When this occurs a maroon circle & maroon candle will appear and a alert signal to sell is generated. 

Bullish/Bearish Divergence Background 

Green background indicates Bullish Divergence 

Red background indicates Bearish Divergence 

Overbought and Oversold Conditions 

An overbought condition occurs, when the QQE is at or above its 0.10 level. 

An oversold condition occurs, when the QQE is at or below its -.10 level.