rs x range expansion index - with confidence bands
Info
The rs x range expansion index - with confidence bands is a Indicator for MetaTrader 5 that 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.
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 rs x range expansion index - with confidence bands
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 (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.
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 - 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 (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 .
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.
it is the number of bars that the bands are shifted in order to provide usable crosses of rei value and confidence bands. without it, the results would be illogical, and that is the reason why the indicator limits the minimal shift to +1. the greater the shift, the more the bands are shifted but some experimenting is recommended (mild shifting is producing quite good results)
you have an option to chose between two color changing modes :
color change when outer levels are crossed
color change when middle level (a sort of a "zero line") is crossed - that is the default mode
usage :
You may also like: Daily Range Tracker - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.