Pshai's RVI

An indicator used in technical analysis that measures the conviction of a recent price action and the likelihood that it will continue. The RVI compares the positioning of a security's closing price relative to its price range, and the result is smoothed by calculating an exponential moving average of the values.

BREAKING DOWN 'Relative Vigor Index - RVI' The RVI indicator is calculated in a similar fashion to the stochastic oscillator, but the vigor index compares the close relative to the open rather than to the low. Traders expect the RVI value to grow as the bullish trend gains momentum because in this type of environment, a security's closing price tends to be at the top of the range while the open is near the low of the day.

Source: https://www.investopedia.com/terms/r/relative_vigor_index.asp

Pshai's script

Pshai's version of RVI sends buy signals when RVI crosses its MA from below to above, and sell signals when RVI crosses its MA from above to below. It uses RVI Length as the distance between Open and Close and the period for High and Low prices, which builds the RVI value.

Parameters

RVI Length

Length of the RVI

MA Length

Length of the MA

MA Type

The type of the Moving Average, used in the Bollinger Band.

Valid types: Sma, Ema, Dema, Tema, Trima, T3, Mama, Kama, Wma

Cross Threshold %

Cross-over threshold percentage