Configuring SQM in a variable bitrate connection

An unusual setup has a connection that ranges from 20Mb/s in the morning down to 4Mbs at night depending on ISP congestion.
SQM requires uplink & downlink max speeds to be configured effectively. How can I configure SQM in this scenario?

Well either statically configure for the estimated minimum (4Mbps) or adjust your rate continuously, both OpenWrt-based gargoyle (free?) and evenroute's IQrouter (commercial) do offer some automatization for that purpose.

I am using OpenWrt 18.06.2 r7676-cddd7b4c77. When you suggest to configure SQM at the minimum, this means a user will never be allowed to exceed 4mb/s although the connection would allow 20mb/s in a particular moment?

In essence yes, if you have a reliable method to measure/estimate the currently bufferbloat-free bandwidth, automating changes to the running sqm instance is not that hard, but figuring out the bandwidth unfortunately is.

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Oh well... I can't limit users to 4Mbs when 20 are available....I won't use this feature....

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