Rex Oscillator indicator

• 11/03/2019 at 4:47 PM #111939
  FinansDiagnos

  Hi.

  The Rex oscillator measures market behavior based on the relationship of the close to the open, high and low values of the same bar. A big difference between the high and close on a bar indicates weakness, and wide disparity between the low and close indicates strength. The difference between open and close also indicates market performance.

  The True Value of a Bar (TVB) gives an indication of how healthy the market is. A negative close and a positive TVB (or vice versa) is an indication of the market building strength on the opposing side of the trend. The Rex oscillator is a moving average (SMA, EMA, WMA or SMMA) of the TVB value with the specified period.

  Interpretation

  When the Rex Oscillator turns positive in a bearish trend, a reversal is indicated. Likewise, Rex turning negative in a bull market indicates a reversal to the downside.

  I stumbled upon a very interesting indicator who would be very useful as an exitindicator. I have looked everywhere but I couldn’t find it ready for PRT.

  Here is the mq4-code:

  //+------------------------------------------------------------------+ //| Rex.mq4 | //| Copyright © 2014, Gehtsoft USA LLC | //| http://fxcodebase.com | //+------------------------------------------------------------------+ #property copyright "Copyright © 2014, Gehtsoft USA LLC" #property link "http://fxcodebase.com" #property indicator_separate_window #property indicator_buffers 3 #property indicator_color1 Green #property indicator_color2 Red extern int Smoothing_Length=14; extern int Smoothing_Method=0; // 0 - SMA // 1 - EMA // 2 - SMMA // 3 - LWMA extern int Signal_Length=14; extern int Signal_Method=0; // 0 - SMA // 1 - EMA // 2 - SMMA // 3 - LWMA double Rex[], Signal[]; double TVB[]; int init() { IndicatorShortName("Rex oscillator"); IndicatorDigits(Digits); SetIndexStyle(0,DRAW_LINE); SetIndexBuffer(0,Rex); SetIndexStyle(1,DRAW_LINE); SetIndexBuffer(1,Signal); SetIndexStyle(2,DRAW_NONE); SetIndexBuffer(2,TVB); return(0); } int deinit() { return(0); } int start() { if(Bars<=3) return(0); int ExtCountedBars=IndicatorCounted(); if (ExtCountedBars<0) return(-1); int limit=Bars-2; if(ExtCountedBars>2) limit=Bars-ExtCountedBars-1; int pos; pos=limit; while(pos>=0) { TVB[pos]=3.*Close[pos]-(Low[pos]+Open[pos]+High[pos]); pos--; } pos=limit; while(pos>=0) { Rex[pos]=iMAOnArray(TVB, 0, Smoothing_Length, 0, Smoothing_Method, pos)/Point; pos--; } pos=limit; while(pos>=0) { Signal[pos]=iMAOnArray(Rex, 0, Signal_Length, 0, Signal_Method, pos); pos--; } return(0); }

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  //+------------------------------------------------------------------+ //| Rex.mq4 | //| Copyright © 2014, Gehtsoft USA LLC | //| http://fxcodebase.com | //+------------------------------------------------------------------+ #property copyright "Copyright © 2014, Gehtsoft USA LLC" #property link "http://fxcodebase.com"   #property indicator_separate_window #property indicator_buffers 3 #property indicator_color1 Green #property indicator_color2 Red   extern int Smoothing_Length=14; extern int Smoothing_Method=0; // 0 - SMA // 1 - EMA // 2 - SMMA // 3 - LWMA extern int Signal_Length=14; extern int Signal_Method=0; // 0 - SMA // 1 - EMA // 2 - SMMA // 3 - LWMA   double Rex[], Signal[]; double TVB[];   int init() { IndicatorShortName("Rex oscillator"); IndicatorDigits(Digits); SetIndexStyle(0,DRAW_LINE); SetIndexBuffer(0,Rex); SetIndexStyle(1,DRAW_LINE); SetIndexBuffer(1,Signal); SetIndexStyle(2,DRAW_NONE); SetIndexBuffer(2,TVB);   return(0); }   int deinit() {   return(0); }   int start() { if(Bars<=3) return(0); int ExtCountedBars=IndicatorCounted(); if (ExtCountedBars<0) return(-1); int limit=Bars-2; if(ExtCountedBars>2) limit=Bars-ExtCountedBars-1; int pos; pos=limit; while(pos>=0) { TVB[pos]=3.*Close[pos]-(Low[pos]+Open[pos]+High[pos]);   pos--; }   pos=limit; while(pos>=0) { Rex[pos]=iMAOnArray(TVB, 0, Smoothing_Length, 0, Smoothing_Method, pos)/Point;   pos--; }   pos=limit; while(pos>=0) { Signal[pos]=iMAOnArray(Rex, 0, Signal_Length, 0, Signal_Method, pos);   pos--; }   return(0); }

   

  

  FinansDiagnos

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  11/04/2019 at 10:35 AM #112011
  Nicolas

  Here is the translated code for prorealtime:

  smoothlength=14 smoothmethod=0 signallength=14 signalmethod=0 TVB=3*Close-(Low+Open+High) rex=average[smoothlength,smoothmethod](tvb)/pointsize signal=average[signallength,signalmethod](rex) return rex coloured(0,255,0),signal coloured(255,0,0)

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  smoothlength=14 smoothmethod=0 signallength=14 signalmethod=0   TVB=3*Close-(Low+Open+High)   rex=average[smoothlength,smoothmethod](tvb)/pointsize signal=average[signallength,signalmethod](rex)   return rex coloured(0,255,0),signal coloured(255,0,0)

   

  

  Nicolas

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  11/04/2019 at 2:25 PM #112038
  FinansDiagnos

  Thanks!!! What a service!

  Marvellous 🙂

  

  FinansDiagnos

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