The popular QQE Rainbow Forex signals indicator for MT4 is trend-following in nature and works very well for scalping, day trading and swing trading.
The indicator draws a set of colored trend-following lines on the chart.
Together, they form a rainbow buy and sell signals colored indicator that works well for any MT4 symbol.
How do the buy and sell signals work:
- A buy signal occurs when all rainbow colored lines are all positioned up.
- A sell signal occurs when all rainbow colored lines are all positioned down.
See the GBP/USD H4 currency chart below for a buy and sell example.
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QQE Rainbow Forex Signals Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With QQE Rainbow Forex signals Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Initiate a buy trade when all rainbow colored signal lines are positioned up. The trend is now upward.
Place a stop loss below support, or use your own stop loss strategy.
Exit the trade when an opposite sell signal appears on the chart, or close the trade for a fixed profit target, for example 70 pips on the 1-hour chart.
Sell Trigger: Initiate a sell trade when all rainbow colored signal lines are positioned down. The trend is now downward.
Place a stop loss above resistance, or use your own stop loss strategy.
Exit the trade when an opposite buy signal appears on the chart, or close the trade for a fixed profit target, for example 35 pips on the 15-minute chart.
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History, time frame, BB smooth, QQE smooth, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: trend following
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.