What is Range Expansion Index?
Range Expansion Index (REI) is an MT5 oscillator that measures the pace of price change and plots the result in a separate sub-chart.
The MQ5 file defines horizontal reference levels at 60 and -60 and describes the calculation as a bounded oscillator. These levels provide fixed chart context for reviewing the plotted line.
How to use Range Expansion Index
Review the REI line in relation to the 60, 0, and -60 reference areas while keeping the main price chart visible. Divergence or level interaction can be documented as part of a broader chart review.
REI_Period sets the calculation period. Its default is 8, and changing the value changes how much recent price movement contributes to the plotted result.
Where it helps
REI is plotted in an MT5 sub-window instead of over the price candles.
The package includes 60 and -60 levels for visual comparison.
The implementation exposes one calculation-period input.
MT5 Indicator Parameters
The table below lists the available MT5 indicator parameters. You can customize these options in the MetaTrader Inputs dialog to match your trading preferences.
| Parameter | Description |
|---|---|
| REI Period | Sets the calculation period for the Range Expansion Index. Default: 8. |
The screenshot above shows the default input parameters in the MT5 settings window.
How to Install .ex5 Indicator in MetaTrader 5
- Download the ZIP file and extract it.
- In MT5, select File → Open Data Folder.
- Open MQL5 → Indicators and copy the EX5 or MQ5 file into it.
- If the package includes library files, copy them to MQL5 → Libraries. Copy TPL files to the top-level templates folder.
- Restart MT5, find the indicator in the Navigator, and drag it onto a chart.
Test the tool on a demo account first. File contents and required folders can vary between packages.
