You can now download the Range Expansion Index indicator for free on AtoZ Markets indicators gallery.
Range Expansion Index (MetaTrader indicator), a relative oscillator indicator, measures the rate of price changes and signals overbought/oversold conditions if there is weakness or strength. Tom DeMark developed it and explained its significance in his book The New Science of Technical Analysis. The indicator's value changes from -100 up to +100. Because the REI is an enhanced oscillator, it attempts to stay calm during range trading and only indicates signals when there are significant peaks or bottoms. This indicator is available for both MT4 as well as MT5.
- REI_Period - The period of the indicator. For precise signals, increase the value. For more inaccurate signals, decrease it. This parameter should not be changed.
- EnableNativeAlerts -- If true is set, MetaTrader will use MetaTrader's native pop up alerts to notify you when the indicator crosses 60 or 60.
- EnableEmailAlerts -- If true is set, MetaTrader will send email alerts when the indicator crosses 60 or 60. Email should be properly configured in MetaTrader via Tools->Options->Email.
- EnablePushAlerts -- If true is set, MetaTrader will send push notification alerts to your device whenever the indicator crosses levels 60 or -60. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
- TriggerCandle - The candle that issues alerts on Previous -- either the closed candle or Present -- which is still unfinished.
How to trade with Range Expansion Index
Tom DeMark recommended using the default period 8. The bearish signal is when the price rises above 60 and falls below it. The bullish signal is when the price falls below 60 and then rises above that level. This indicator is not accurate, as are all oscillators. However, it can be very useful for shorter timeframes.
How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Range Expansion Index” template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.