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Published:
2018.07.13 15:36
Rex.mq5 (10.55 KB)view

TVB (True Value of Bar) gives an idea of how healthy the market is. Rex Oscillator is the moving average of the TVB values.

The oscillator Rex line becoming positive on the bearish market indicates the up-reversal.

Similarly, the negative value of the line on the bullish market indicates its down-reversal.

Moreover, the oscillator Rex and Signal lines can be used as warning signal.

The indicator has four configured parameters:

  • Rex period - oscillator line calculation period;
  • Rex method - oscillator line calculation method;
  • Signal period - signal line calculation period;
  • Signal method - signal line calculations method.

Calculations:

Rex = MA(TVB, Rex period, Rex method)
Signal = MA(Rex, Signal period, Signal method)

where:

TVB = 3*Close - (Low + Open + High)

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/21247

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