Rex - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

TVB (True Value of Bars) provides an idea of ​​the health of the market. The Rex oscillator is a moving average of TVB values.

The oscillator Rex line turns positive in a bearish market indicating a bullish reversal.

Likewise, a negative line on a bullish market indicates a downward reversal.

Additionally, the oscillator Rex and signal lines can be used as warning signals.

This indicator has four configuration parameters:

 Rex = MA(TVB, Rex period, Rex method)
Signal = MA(Rex, signal period, signal method)

Where:

 TVB = 3*closing price - (lowest price + opening price + high price)