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Range Expansion Index indicator for MT5​

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The Range Expansion Index (REI) indicator is an oscillator which measures the market price changing rate and shows you overbought or oversold areas, in case a market price shows weakness or strength. The indicator was developed by Thomas DeMark and mentioned in his book "The New Science of Technical Analysis".
 
The indicator values change from -100 up to +100. REI is an enhanced oscillator: it stays neutral while a flat period and shows you trends only when considerable top or bottom have been reached.
 
Input parameters:

• REI_Period (default value = 8) is the indicator period. Whilst its value is increasing, the number of signals is decreasing but they will be accurate. If the value is decreasing, the number of signals will rise but they will be less accurate.

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Thomas DeMark redommends using the default period equal to 8. It is time to open a sell order if the price crosses level 60 upwards and then goes down and crosses this level downwards. It is time to open a buy order if the price falls below -60 and then goes up past this level.

​You can download the indicator here

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