Inverse Fisher Relative Vigor Index (RVI)
Info
The Inverse Fisher Relative Vigor Index (RVI) is a Indicator for MetaTrader 5 that the relative vigor index (rvi) is a technical analysis indicator that assesses the strength of a recent price trend and its potential continuation. It evaluates the position of a security's closing price relative to its price range and applies an exponential moving average to smooth the data.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Inverse Fisher Relative Vigor Index (RVI)
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
The Relative Vigor Index (RVI) is a technical analysis indicator that assesses the strength of a recent price trend and its potential continuation.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Fisher Transform Indicator: A Statistical Approach to Price Oscillation - another powerful indicator for MetaTrader 5 traders.
The Relative Vigor Index (RVI) is a technical analysis indicator that assesses the strength of a recent price trend and its potential continuation. It evaluates the position of a security's closing price relative to its price range and applies an exponential moving average to smooth the data.Also recommended: Fisher Cyber Cycle Indicator - similar indicator with strong performance on MetaTrader 5.
The formula for the RVI is as follows:
- RVI = EMA(NP) - EMA(NM)
Where:
- EMA is the exponential moving average
- NP is the number of periods where the close is higher than the previous close
- NM is the number of periods where the close is lower than the previous close
This particular version of the RVI incorporates the Inverse Fisher Transform, which standardizes values between -1 and +1. This transformation aids in identifying overbought and oversold market conditions.
You may also like: Fisher CG Oscillator - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.