Range Expansion Index (REI) | FREE Forex Trading Indicator
Range Expansion Index (MetaTrader indicator) — is a relative oscillator indicator that measures the rate at which price changes and signals overbought/oversold conditions if the price shows weakness or strength. Tom DeMark created it and explained it in his book The New Science of Technical Analysis. The indicator’s value shifts from -100 to +100. REI is an improved oscillator because it tries to remain calm during range trading and only signals when significant peaks or bottoms are observed. This indicator is available for both MT4 and MT5.
- REI_Period (default = 8) — the period of the indicator. Increase the value for less but more precise signals. Decrease it for more but inaccurate signals. It’s not recommended to change this parameter.
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Tom DeMark suggested that the default period of 8 be used. The bearish signal is given when the price rises above level 60 and falls below it. The bullish signal is given when the price falls below level -60 and then rises above it. This indicator, like all oscillators, is somewhat inaccurate in my opinion, but it can be quite useful on lower timeframes.
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