  We model energy dependencies of the quasi periodic oscillations (QPO) in the
model of disc epicyclic motions, with X-ray modulation caused by varying
relativistic effects. The model was proposed to explain the high frequency QPO
observed in X-ray binaries. We consider two specific scenarios for the geometry
of accretion flow and spectral formation. Firstly, a standard cold accretion
disc with an active X-ray emitting corona is assumed to oscillate. Secondly,
only a hot X-ray emitting accretion flow oscillates, while the cold disc is
absent at the QPO radius. We find that the QPO spectra are generally similar to
the spectrum of radiation emitted at the QPO radius, and they are broadened by
the relativistic effects. In particular, the QPO spectrum contains the disc
component in the oscillating disc with a corona scenario. We also review the
available data on energy dependencies of high frequency QPO, and we point out
that they appear to lack the disc component in their energy spectra. This would
suggest the hot flow geometry in the spectral states when high frequency QPO
are observed.
