REI Osc is an indicator that measures the rate of price change and signals overbought/oversold conditions if the price shows weakness or strength.
The indicator was developed by Tom DeMark and described in the book Technical Analysis - The New Science.
The indicator value changes from -100 to +100.
REI is an improved oscillator as it attempts to remain neutral in a sideways trend and only shows signals when a significant top or bottom has been reached.
Tom DeMark suggests using a default period of 8. When the price rises above the 60 level and then falls below it, you can sell.
When the price falls below -60 and then rises above this level, you can buy.
The indicator generates signals and sends notifications to the terminal and email.
Customizable parameters:
REI_Period - the number of periods (bars) on the current time period used to calculate the indicator;
OB_Level - overbought level value;
OS_Level - oversold level value.
