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.
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.
//PRC_Rex Oscillator | indicator
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
//converted from MT4 code
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return rex coloured(0,255,0),signal coloured(255,0,0)
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