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Relative Vigor Index
Summary: The Relative Vigor Index (RVI) is a momentum indicator similar to the Stochastic indicator. The RVI compares candle open and closes to determine the output trend, instead of the Stochastic's comparison of a candle's close to minimum.
Info:
From Investopedia: The Relative Vigor Index (RVI) is a momentum indicator used in technical analysis that measures the strength of a trend by comparing a security's closing price to its trading range while smoothing the results using a simple moving average (SMA).
The length of the calculation for the RVI can be changed by locating and opening the Javascript Code under Data Building Procedure -> Procedure Loop under ’RVI’ Product Definition.
Products & Properties
The following properties are available to access:
| Product Name | Product Variable | Properties |
|---|---|---|
| RVI | RVI | rvi, signal |
Example:
A simple strategy could be built to open a trade when the RVI crosses the signal line upwards:
chart.at01hs.RVI.rvi > chart.at01hs.RVI.signal &&
chart.at01hs.RVI.previous.rvi < chart.at01hs.RVI.previous.signal The RVI is prone to
false signals in rangebound markets, so it is recommended to set longer lookback periods (at the cost of increasing lag), or to combine with a directional indicator such as ADX, RSI, or a divergence detector. Maintainer:
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