Range Expansion Index (MetaTrader Forex indicator) — is a relative oscillator forex indicator that measures the pace of the market price changes and signals oversold/overbought states if the price demonstrates strength or weakness. It was developed by Mr.Tom DeMark and explained in his book The New Science of Technical Analysis. The value of the forex indicator changes from -100 to +100. The REI is an enhanced oscillator indicator because it tries to remain calm during range trading and indicates entry signals only when significant peaks or bottoms are spotted. You can free download this forex indicator both for Forex MT4 and MT5.
Input parameters
- REI_Period (main default = 8) — the period of the forex indicator. Increase the value for less but more precise entry signals. Decrease it for more inaccurate entry signals. It is not recommended to change this parameter.
- EnableNativeAlerts (main default = false) — if true, forex MetaTrader’s native pop-up alerts will be used when the forex indicator crosses level 60 from above or level -60 from below.
- EnableEmailAlerts (main default = false) — if true, MetaTrader’s email alerts will be sent when the forex indicator crosses level 60 from above or level -60 from below. Email should be properly configured in forex MetaTrader via Tools->Options->Email.
- EnablePushAlerts (main default = false) — if true, MetaTrader’s push notification alerts will be sent to your smart device when the indicator crosses level 60 from above or level -60 from below. Notifications should be correctly configured in MetaTrader via Tools->Options->Notifications.
- TriggerCandle (main default = Previous) — the candle to issue alerts on Previous — the most recently closed chart candle or Current — the yet unfinished candle.
Example and Forex strategy
Mr.Tom DeMark suggested using the main default period of 8. The bearish entry signal is given when the price goes above level 60 and declines below it. The bullish signal is given when the price goes below -60 and rises above it. I find this forex indicator rather inaccurate (like all oscillators), but it can be quite useful on the lower timeframes.
Range Expansion Index Forex Indicator Download
Range Expansion Index for MetaTrader 4
Range Expansion Index for MetaTrader 5
Discussion
Warning! Please read the MetaTrader Forex Indicators Tutorial if you do not know how to set up this forex indicator.
Do you have any more suggestions regarding this Metatrader indicator? You can always discuss the forex Range Expansion Index with the other forex traders and MetaTrader programmers on the indicators forums.
