Volatility Quality Index w/ Pips Filtering [Loxx]

Volatility Quality Index w/ Pips Filtering is a Volatility Quality Index indicator with various smoothing types and pips filtering

What is the Volatility Quality Index (VQI)?
The idea behind the volatility quality index is to point out the difference between bad and good volatility in order to identify better trade opportunities in the market. This forex indicator works using the True Range algorithm in combination with the open, close, high and low prices.

Included

• 7 different types of smoothing average
  
• Alerts (coming in future update, stay tuned)
  
• Signals (coming in future update, stay tuned)
  

Release Notes:

Added:

• Alerts
  
• Signals
  
• Bar coloring
  

Signals are based on:

long = rate of change of last 10 bars is positive
short = rate of change of last 10 bars is negative

you can change the 10 bar period to suit your needs

Stridsman suggested to buy when VQI has increased in the previous 10 bars (use the SMAs ) and sell when it has decreased in the previous 10 bars.