Syntax
public Rex(Bars bars, int period, WealthLab.Indicators.Community.ChoiceOfMA option, string description)
public static CutlersRSI Series(Bars bars, int period, WealthLab.Indicators.Community.ChoiceOfMA option, )
Parameter Description
| bars | The source Bars object |
| period | Indicator calculation period |
| option | Select between the moving average types: SMA, EMA, WMA or SMMA (smoothed MA) |
Description
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.
Calculation
The TVB is defined as:
TVB = (Close-Low) + (Close - Open) - (High - Close), or
= 3 * Close - (Low + Open + High)
Rex Oscillator (n periods) = moving average (n periods) of TVB
Example
No example will be provided.