REX by vitelot

// Best used as an exit indicator at default settings.
// Also doing well in entering positions by using TEMA (14) for REX and SMA (14) as signal.
// You need to tune it yourself according to your trading style.
// Use at your own risk.
// Vitelot/Yanez/Vts Oct 2019
Oct 28
Informacje o Wersji: // Oct 2019: added zero line;
// also added OS/OB lines based on stddev, though commented out at the moment so to not overload the graph.
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Hey, if this is a port of the original MQ4 script then i think you may have a couple of bugs (features ;) ) 1/ your tvb needs the B in BODMAS and should be 3*close-(open-high-close) 2/ rex to be divided by the point value
causecelebre causecelebre
@causecelebre, Actually don't mind me. Your script is fine. the point division is mostly redundant and your calc of Rex is correct, just performed slightly differently
vitelot causecelebre
@causecelebre, thanks for your interest.
The TVB is meant to deliver zero whenever close=open=high=low and this is the reason for the 3 multiplying the closing price and the sign of all coefficients.
The formula you suggested, i.e., 3*close-(open-high-close) does something completely different, not even slightly different :)
You might play with the coefficients a bit, e.g. by giving more importance to the opening price by using 4*close-2*open-high-low (try it), but the coefficients have to sum up to zero.
Another pretty modification would be dividing TVB by the ATR and multiply by 100 to have an OS/OB oscillator.
Dividing by the point value is pointless (sorry for the play on words...) unless you hate long decimals.
@vitelot, totally agree. my TVB was meant to be 3*close-(open+high+low). I don't know why the typo were there
Hi Vitelot,

Thank you for this indicator. Could you add a zero line to it?
vitelot ralphclementlie
+1 Odpowiedź
@vitelot, Thanks!
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