First, I noticed that when setting --qv-thresh --thresh 0.01 the program does not threshold on the q-value, which was misleading at first. Am I using these options correctly ?
I just double checked, and that is the correct usage. When I run it, it does correctly threshold the results on the q-value. Could you forward us a copy of the input file you used and the FIMO HTML output? That would help us troubleshoot the problem.
At this point, I considered the hypothesis that the ChIPed protein may have different DNA binding partners, so I decided to I run MEME-chip on the sequences with no hits (including no significant hits based on the q-value threshold). To my surprise, the top motif detected by STREME was the once I initially scanned and Centrimo showed a nice central enrichment around the summit. This made me wonder if I was missing likely true occurrences because of p-value/q-value filters.
This is entirely possible! You have to keep in mind though that FIMO has no biological insight. It's performing a purely statistical test of whether a short sequence is a "good" match to a motif. In many cases truly functional sequences may not have a statistically significant match to the motif, while other, non-functional sequences are, a highly significant match. The larger you sequence set the bigger the problem is due to the multiple testing issue that you noted. This is discussed briefly in the Example section of the
FIMO paper. If you can provide priors for which segments of your sequences are more likely to be biologically active (say epigenetic marks), then you might take advantage of FIMO's ability to include position specific priors in its scoring (see the
FIMO documentation on the --psp option, also see
Gabriel Cuellar-Partida, Fabian A. Buske, Robert C. McLeay, Tom Whitington, William Stafford Noble, and Timothy L. Bailey, "Epigenetic priors for identifying active transcription factor binding sites",Bioinformatics 28(1): 56-62, 2012).
If you want to use FIMO as an exploratory tool setting up your later work, then you are free to choose the filters and thresholds you find useful. However, if you are going to present FIMO output as actual evidence for the locations of motif binding sites, then it's best to be rigorous. Use q-values and a significance threshold that other researchers will find credible.