Forex Range Expansion Index Trading Strategy
Forex Range Expansion Index Trading Strategy;
Calculates Tom DeMark’s Range Expansion Index.
Going above 60 and then dropping below 60 signals price weakness.
Going below -60 and the rising above -60 signals price strength.
For more info see The New Science of Technical Analysis.
I have modified the Tom DeMark’s Range Expansion Index for Forex Market.
Going above 30 and then dropping below 30 signals price weakness.
Going below -30 and the rising above -30 signals price strength.
Time Frame H1 or higher.
Currency pairs:any
Forex indictors:
Range Expansion index (REI) (8 period);
FXCX Divergence, Entry signals(2,5,2, true H1 – setting H4 and daily 2, 4,2, true,);
Damiani Volameter (Threshold level 1.6) to determine the trade zone area. The trade zone area is when the grey line is > green line.
Trading Rules: Divergence with Range Expansion index (REI).
Buy
- The price is in the trade zone area;
- Range Expansion index (REI) is below -30;
- For Entry wait the firs buy arrow FXCX Divergence, Entry signal.
Sell
- The price is in the trade zone area;
- Range Expansion index (REI) is below -30;
- For Entry wait the firs buy arrow FXCX Divergence, Entry signal.
- Exit position
- Discretionary. Fast profit target predetermined,that depends by time frame and currency pair.Initial Stop loss on the previous swing.
In forex a trading strategy is a fixed plan that is designed to achieve a profitable return by going long or short in markets. The main reasons that a properly researched trading strategy helps are its verifiability, quantifiability, consistency, and objectivity.
For every trading strategy one needs to define assets to trade, entry/exit points and money management rules.
How to install Forex Range Expansion Index Trading Strategy?
- Download Forex Range Expansion Index Trading Strategy.zip
- Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex strategy
- Load indicator on your chart
How to uninstall Forex Range Expansion Index Trading Strategy?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.
