I’m currently reading Tom DeMark’s The New Science of Technical Analysis and I’ve encountered a description of an interesting indicator there — Range Expansion Index. Tom explains it in details but the explanation is rather confusing. Fortunately, it’s accompanied with some strange piece of code (for the Logical Information Machine), which nevertheless proved to be useful. I’ve tried searching for the MetaTrader versions of REI and have found only this indicator for MT4, which was working but gave me some “division by zero” errors. So, I’ve decided to make my own version of Range Expansion Index. Here are the main features of this REI:
- Compatible with both MT4 and MT5.
- Has a
- Calculation is faster in MT5.
- Works with any timeframe, currency pair and period without errors.
- Displays itself in the separate indicator window, changing between levels -100 and +100.
You can get the code of the MT5 and MT4 versions or read more info about this Tom DeMark’s oscillator.
If you find any bugs in this MetaTrader indicator or if you want to make a suggestion regarding its functionality, please, use the commentary form below.