TD Range Expansion Index (REI)

TD Range Expansion Index was developed by Thomas Demark and described in his book "Day Trading Options".

This indicator follow the main idea behind the Demark's indicator with some minor changes in math and additional options (Smooth REI with SMA / EMA , Signal line, REI pre-/post- signals, TD POQ qualifier).

The TD Range Expansion Index is an oscillator whose values vary from -100 to +100.
According to Thomas Demark , price weakness is shown by the indicator when its value rises above level 45 and then declines below it (if stayed in OB condition for less than 6 bars). Price strength is shown when the REI goes below −45 and then rises above that level (if stayed in OS condition for less than 6 bars)
Oversold and overbought values could be changed in the indicator's options, some studies use the 60/-60 or 40 /-40 values for ob and os - you have to adjust those parameters for chosen TF and asset type.

This script contains the optional TD Price Oscillator Qualifier ( TD POQ ) - to filter the entries.

Happy trading and good luck!

e2-e4. checkmate.

Catatan Pelepasan: I was trying to make the script a little more flexible and customizable.

Default values for TD REI's length are 5 or 8 (days/bars) w/o smoothing and with 45/-45 extreme conditions (on the screen above the price chart)

I use sma smoothing 8 and REI length 13 for daily BTC (on the screen below the price chart) with from 60 to 40 / -40 to -60 extreme conditions (varies on the general trend).

Pisces swimming through the river
All their life against the stream
Searching for a hook to catch on
And see their sun beam
Then suffocate in painful tortures
On cutting tables of callous men
Under a knife of handsome butchers
Emeralds are ripped away
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