range expansion index (re i) mt5
Info
The range expansion index (re i) mt5 is a Indicator for MetaTrader 5 that 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.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use range expansion index (re i) mt5
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.
What this tool does
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.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Quantora ADR Calculator MT5 - Professional Average Daily Range Indicator for MetaTrader 5 - another powerful indicator for MetaTrader 5 traders.
Also recommended: Premium Discount Range Mapper for MT5 - similar indicator with strong performance on MetaTrader 5.
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.
You may also like: Daily Range Tracker - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "1.01"
#property description "Educational code - RobotFX www.robotfx.org"
#property description "Educational code - RobotFX www.robotfx.org"
#property description "Educational code - RobotFX www.robotfx.org"
#property description "Educational code - RobotFX www.robotfx.org"
#property indicator_separate_window
#property indicator_buffers 1
#property indicator_plots 1.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.