Range Expansion Index (RE I) MT4
This software component for MetaTrader 4 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Range Expansion Index (RE I) MT4
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Range Expansion Index (MetaTrader indicator)
— is a relative oscillator indicator that measures the pace of the price changes and signals overbought/oversold states if the price demonstrates weakness or strength. It was developed by Tom DeMark and explained in his book The New Science of Technical Analysis. The value of the indicator changes from -100 to +100. The REI is an enhanced oscillator because it tries to remain calm during the range trading and indicates signals only when the significant peaks or bottoms are spotted. You can download this indicator both for MT4 and MT5.
Input parameters
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 is not recommended to change this parameter.
EnableNativeAlerts
(default = false) — if true, MetaTrader's native pop-up alerts will be used when the indicator crosses level 60 from above or level -60 from below.
EnablePushAlerts
(default = false) — if true, MetaTrader's push notification alerts will be sent to your device when the indicator crosses level 60 from above or level -60 from below. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
TriggerCandle
(default = Previous) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle. Tom DeMark suggested using the default period of 8. When the price goes above level 60 and the declines below it, the bearish signal is given. When the price goes below level -60 and then rises above it, the bullish signal is given. I find this indicator rather inaccurate (like all oscillators), but on the lower timeframes it can be quite useful.
