Topguy7 wrote: Sat Apr 19, 2025 7:18 pm
Hi Mrtools. saw an old indicator converted by you to mt4,was wondering if you still have it and if arrow/alerts can be added to it.Thanks.
The ex4 is working on my platform but mq4 which you posted is not attaching . Attached are the 2 . Thanks
REI (Range Expansion Index) with Jurik RSX & Confidence Bands
Hello, this version with alerts and arrows seems better.
What is the Range Expansion Index?
The Range Expansion Index (REI) is an oscillator designed to assess the rate of price changes and to indicate OBOS (overbought and oversold) conditions when there is a sign of price weakness or strength. This indicator was created by Thomas DeMark and is detailed in his publication, New Market Timing Techniques: Innovative Studies in Market Rhythm & Price Exhaustion.
The values of the REI range from -100 to +100. It is considered an advanced oscillator because it remains neutral during periods of price stability and only indicates trends when significant peaks or troughs are achieved.
Confidence Bands
This version of the REI includes Confidence Bands.
A confidence band in statistical analysis illustrates the "uncertainty" in estimating a curve or function from limited or noisy data. Likewise, a prediction band indicates the uncertainty of a new data point on the curve, influenced by noise.
Confidence bands are closely associated with confidence intervals, which indicate the uncertainty in estimating a single numerical value.
The RSX plays an important role in this indicator
This version is founded on the idea put forth by Mark
Jurik, who recommends that the REI can be determined by adding
rsx(high) + rsx(low)
, leading to a notably smoother result.