Range Expansion Index - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The Range Extension Index (REI) is an oscillator that measures the rate of price change and signals about overbought/oversold areas when price shows weakness or strength. It was developed by Thomas DeMark and described in his book The New Science of Technical Analysis .

The indicator value varies from -100 to +100. REI is a reinforced oscillator because it remains neutral during consolidation and only shows a trend when it reaches a fairly high top or bottom.

Input parameters:

Thomas DeMark recommends using a default age equal to 8. When the price crosses the 60 level upwards and then falls and crosses this level downwards, it is time to sell. When the price falls below -60 and then rises above that level, it's time to buy.

Attachment download

📎rangeexpansionindex.mq5 (7.3 KB)

Source: MQL5 #529