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.
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//PRC_Rex Oscillator | indicator //06.01.2020 //Nicolas @ www.prorealcode.com //Sharing ProRealTime knowledge //converted from MT4 code // --- settings smoothlength=14 smoothmethod=0 signallength=14 signalmethod=0 // --- end of settings 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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thank you Nicolas !
Thanks ! Would it be possible to translate it into a screener ?