True Value of a Bar (TVB) gives us an indication of how healthy the market is.
Rex Oscillator is a moving average of the TVB, indicating the inertia of the market. 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.
TVB = 3 * Close – (Low + Open + High)
- REX.lua
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The indicator was revised and updated
MT4/MQ4 version.
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