relative vigor index (rvi)
Info
The relative vigor index (rvi) is a Indicator for MetaTrader 5 that the relative vigor index (rvi) is a technical indicator that assesses market vigor or energy by comparing closing and opening prices. in a bull market, the closing price typically exceeds the opening price, while in a bear market, the opposite is true.
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 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 indicator that assesses market vigor or energy by comparing closing and opening prices.
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: multi-timeframe relative strength index (mtf rsi) indicator for mt4/mt5 - another powerful indicator for MetaTrader 5 traders.
the relative vigor index (rvi) is a technical indicator that assesses market vigor or energy by comparing closing and opening prices. in a bull market, the closing price typically exceeds the opening price, while in a bear market, the opposite is true.Also recommended: relative strength index of volatility - similar indicator with strong performance on MetaTrader 5.
rvi normalizes the index to the daily trading range by dividing the price change by the maximum price range for the day. a simple moving average is applied for smoother calculations, with a 10-period average considered optimal.
to generate buy/sell signals, a signal line is constructed using a 4-period symmetrically weighted moving average of rvi values. when the lines intersect, it indicates a potential buy or sell signal.
rvi is calculated similarly to the stochastic oscillator, but it compares closing levels to opening levels instead of the minimum price. the indicator is expressed as the ratio of the actual price change for a period to the maximum price change for that period.
rvi = (close - open) / (high - low)
where:
- open: opening price
- high: highest price
- low: lowest price
- close: closing price
rvi is often displayed as two lines:
1. the first line is constructed using 4-period symmetrically weighted moving averages of the numerator and denominator:
numerator: movaverage = (close-open) + 2 * (close-1 - open-1) + 2 * (close-2 - open-2) + (close-3 - open-3)
denominator: rangeaverage = (high-low) + 2 * (high-1 - low-1) + 2 * (high-2 - low-2) + (high-3 - low-3)
2. the second line is the 4-period symmetrically weighted moving average of the first line:
rvisignal = (rviaverage + 2 * rviaverage-1 + 2 * rviaverage-2 + rviaverage-3)/6
You may also like: relative strength index (rsi) - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_plots 2
#property indicator_type1 draw_line
#property indicator_type2 draw_line
#property indicator_color1 green
#property indicator_color2 red.......
⚠ 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.