RS X range expansion index - with confidence bands
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. 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 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.
Description & Settings
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 :
