Another great indicator from Mladen and explained by him:

Range Expansion Index (REI) definition

Range Expansion Index (REI) is an oscillator that measures price changing rate and signals about overbought/oversold areas, in case a price shows weakness or strength. It was developed by Thomas DeMark and described in his book New Market Timing Techniques: Innovative Studies in Market Rhythm & Price Exhaustion!

The indicator values change from -100 up to +100. REI is an enhanced oscillator, as it stays neutral during a flat and shows trends only when considerable top or bottom have been reached.

This version

This version is made according to Mark Jurik's idea : according to him, REI can be made as rsx(high) + rsx(low) - and the result should be much smoother. So, this version is doing exactly that.

You have an option to chose between three color changing modes:

• color change when outer levels are crossed
• color change when middle level (a sort of a "zero line") is crossed

This is a version using rsx2 with speed and depth settings, seems maybe a little faster but needs a lot of testing.