[GM LITE] Rex Oscillator
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.
This is a direct conversion of the MT4 MQL script.
The MA Settings are as follows
0 - SMA
1 - EMA
2 - SMMA
3 - LWMA
Usage - two lines cross = entry or exit signal.
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.
This is a direct conversion of the MT4 MQL script.
The MA Settings are as follows
0 - SMA
1 - EMA
2 - SMMA
3 - LWMA
Usage - two lines cross = entry or exit signal.