Relative Vigor Index or RVI indicator. The RVI indicator is calculated using the same system as the Stochastic oscillator*. However, in contrast, it compares the closing level with the opening level, but not with the minimum price for a trade period. As a result, the vigor index represents an actual price change for a period to be regulated for the maximum range of this period, for example, an hour or a day.
In the second version of the RVI indicator, the values are smoothed by a moving average.
* Oscillators (in technical analysis) are a class of technical analysis indices that characterize overbought or oversold market status. They are, as a rule, are efficient when the market is permanent and when the price moves within a comparatively narrow “market corridor”.
Indicator view on the chart.
To add and set up this indicator, open the settings window.
Panel - choose the location of the indicator on the chart:
- New panel.
Show value - display of the indicator value on the left on the price scale.
Scale – if this option is enabled, the scale will be automatically calculated based on the minimum and maximum values of the indicator in order for the indicator to fit on the chart.
Color - color setup of the indicator.
Visual type - visual setup of the indicator display on the chart:
- Up arrow
- Down arrow
- Axis label
Line style - setup of the line display:
Width - width setup for the indicator line.
The Signal line has the same visual settings as the RVI line.
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