QQE Candle Indicator
Info
The QQE Candle Indicator is a Indicator for MetaTrader 5 that the indicator is implemented as a sequence of candlesticks. These candlesticks appear as a result of relevant price timeseries processed by the QQE algorithm.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use QQE Candle Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
The indicator is implemented as a sequence of candlesticks.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Candle Timer Countdown - another powerful indicator for MetaTrader 5 traders.
The indicator is implemented as a sequence of candlesticks. These candlesticks appear as a result of relevant price timeseries processed by the QQE algorithm.Also recommended: Trading Session Boxes Indicator for MT4/MT5 - similar indicator with strong performance on MetaTrader 5.
In many situations, this approach may be more informative for analysis purposes.Depending on the value of the 'mode' input parameter, the indicator uses one of three calculation methods:
- Calculation by the main line
- Calculation by the signal line
- Calculation by the difference between the main and signal lines
This indicator requires the compiled indicator file qqecloudx.ex5. Please place it in the <terminal_data_folder>\mql5\indicators directory.
The indicator utilizes the smoothalgorithms.mqh library classes. Ensure you copy this library to the <terminal_data_folder>\mql5\include directory. The usage of these classes has been thoroughly described in the relevant article.
Figure 1. The QQE Candle Indicator
You may also like: Heikin Ashi Candlesticks - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_separate_window
#property indicator_buffers 5
#property indicator_plots 1
#property indicator_type1 draw_color_candles
#property indicator_color1 clrdeeppink,clrgray,clrblueviolet
#property indicator_label1 "qqecandle open;qqecandle high;qqecandle low;qqecandle close".......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.