QQE (Function)
DisclaimerThe QQE (Quantitative Qualitative Estimation) series function returns a value of 1 on all bars, but returns the QQE values via numeric reference inputs (it is a multiple output function).
The QQE (Quantitative Qualitative Estimation) function values are based on Welles Wilder’s RSI. QQE is based on a smoothed RSI value. The absolute value of the change in smoothed RSI values from bar to bar is calculated and averaged twice. This double-smoothed value is then multiplied by two user-specified constants to create two additional values (FastTL and SlowTL).
Syntax
RetVal = QQE( RSIPrice, RSILength, RSISmoothLength, ATRLength, ATRSmoothLength, FastATRMult, SlowATRMult, oSmoothRSI, oFastTL, oSlowTL );
You can also see examples in the QQE Indicator.
Returns
A numeric value of 1, but sets 3 output variables to return the QQE values to be plotted (see parameters below).
Parameters
|
Name |
Type |
Description |
| RSIPrice | Numeric | Specifies which bar value (price, function, or formula) to be considered. |
| RSILength | Numeric | Sets the number of bars to consider. |
| RSISmoothLength | Numeric | Length of the exponential moving average of the RSI; this value determines the smoothing factor used in the exponential moving average calculation |
| ATRLength | Numeric | Length of the exponential moving average of the true range of the smoothed RSI |
| ATRSmoothLength | Numeric | Length of the exponential moving average of the moving average of the true range of the smooth RSI |
| FastATRMult | Numeric | Scaling factor that is multiplied by the moving average of the moving average of the true range of the smooth RSI |
| SlowATRMult | Numeric | Scaling factor that is multiplied by the moving average of the moving average of the true range of the smooth RSI |
| oSmoothRSI | Numeric | The value of the smoothed RSI will be returned by reference in this variable |
| oFastTL | Numeric | The value of the "fast trend line" will be returned by reference in this variable |
| oSlowTL | Numeric | The value of the "slow trend line" will be returned by reference in this variable |
Remarks
See Multiple Output Function for more information on using output parameters to return values.
Example
See syntax above.
Reference
Wilder, Welles, Jr. New Concepts in Technical Trading Systems. Trend Research. McLeansville, NC