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.
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.
The Rex Oscillator is mostly used as a reversal and exit indicator.
Signals are created when Rex is crossing the Signal line. They that can be used to exit or long/short a trade.
2020-05-06 v1.0 John Price - Derived from several sources; description from Uber REX Oscillator on tradingview.com.
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