Tom Demark-Range Expansion Breakout, TD REBO

[Riker66]

Hello,
is it possible to implement this indicator for MT?
It is calculated that you take yesterday´s true range, multiply it with 0.382 and 0.618
and add this result to today´s open. So you get two lines. Additionally you can subtract these results
from today´s open to get two more lines.  The assupmtion is that if the price is crossing one of the lines this will cause
a momentum in the direction of the breakout.

Thanks

[Mike Medved]

I guess can implement this in the same way (and ranges) that pivot points are implemented. How would these four lines be labeled? What are they called?

I googled and saw them called L1+ L2+ L1- L2-... Since in MT the names, since they can be used in the paintbars, should not contain +-, I could call them   L1P  L2P  L1N  L2N --- for positive and negative?

[Mike Medved]

Ok will be in next beta.

[Riker66]

The TD REBO indicator includes zwo resistance zones and zwo support zones, which are plotted as lines on the upper chart.
You could name it L1, L2, R1, R2. My suggestion.

Thanks

I meant S1, S2, R1 and R2.😉

[Riker66]

One more question: Would it be possible to calculate the TD REBO on a weekly, monthly, 4 hour basis and plot the results on a daily chart?

 

[Mike Medved]

Take a look how it is implemented now. Same periods are allowed as for pivots.