REI Oscillator AM

The presented product is the author's implementation of the REI (Range Expansion Index) indicator developed by Thomas DeMark.

REI Oscillator AM is an indicator that measures the rate of price change and signals overbought/oversold conditions if the price shows weakness or strength.

The indicator value changes within the range from -100 to +100.

Thomas DeMark suggests using the default period of 8 and the following algorithm for using the indicator:

• When the price rises above level 60 and then falls below it, you can sell.
• When the price falls below -60 and then rises above this level, you can buy.

At the same time, the presented indicator suggests a slightly different approach (although the trading methods proposed by Thomas DeMark can also be used):

• The presented indicator has a default period of 5.
• When it overcomes level 0 from the bottom up, it indicates the beginning of a strong upward trend.
• When it breaks through level 0 from top to bottom, it indicates the beginning of a strong downward trend.
• To open a position, you need to wait until the price breaks through the maximum / minimum of the bar on which the indicator broke through level 0.
• After opening a position, it is monitored using the indicator on the smaller TF.
• A signal to open a sell position on the smaller TF is a signal to close a buy position opened on the larger TF.
• A signal to open a buy position on the smaller TF is a signal to close a sell position opened on the larger TF.

The indicator generates signals and sends notifications to the terminal and email.

Configurable parameters:

• REI_Period - indicator period;
• Filter - threshold value of the oscillator sensitivity to changes;
  
• OS_OB_Levels - overbought and oversold level values;
• Exit_from_oversold_or_overbuy - signal when exiting the overbought or oversold zone;
• Entrance_to_oversold_or_overbuy - signal when entering the overbought or oversold zone;
• Intersection_of_the_middle - signal when crossing the middle between the overbought or oversold zones;
• Alerts - the indicator displays a dialog box containing user data;
• Send_Notification - the indicator sends a notification to mobile terminals whose MetaQuotes ID is specified in the settings window on the "Notifications" tab;
• Send_Mail - the indicator sends an email to the address specified in the settings window on the "Mail" tab.