RSX Range Expansion Index - MetaTrader 5 Script | Forex Indicator Download - 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 Jurik's idea: according to him, REI can be made as rsx(high) + rsx(low) - the result should be smoother. So, this version does exactly that

In this version, color changes are used as early trend change warnings and zero line crossovers are used as overall trend direction

To clarify, here's a comparison of this version and the original. The picture above is this version from REI and the picture below is the original version. It seems that Mark Jurik's statement can be considered correct, and since the values ​​are similar enough, we can use it as a smoother version of the REI indicator

Attachment download

📎 rsx_range_expansion_index.mq5 (7.99 KB)

Source: MQL5 #22376