RSX Range Expansion Index - With Floating Levels - MetaTrader 5 Script - MT4/MT5 Resources

Range Expansion Index (REI) Definition:

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

The indicator value changes upward from -100 to +100. REI is a Reinforced Oscillator in that it is flat and will only show when a sizable top or bottom occurs that the trend has been reached.

This version is based on Mark's idea of ​​Jurik: according to him, REI can be made as rsx(high) + rsx(low) - the result should be smoother. So, this version is doing exactly that. Additionally, this version adds floating levels to make it easier to spot trend changes. You can choose between two color changing modes:

In this version, color changes are used as potential trend start and end signals

Attachment download

📎 rsx_range_expansion_index_-_fl.mq5 (11.25 KB)

Source: MQL5 #22377