OPEN-SOURCE SCRIPT
Relative Vigor Index

Here we are looking at a trend strength indicator based on the Relative Vigor Index(RVI). The RVI measures trend strength by comparing the open-close and high-low ranges for the current and three most recent periods. As a zero-centered oscillator, the RVI oscillates above and below zero to signal the strength of the trend.
As there are different ways to interpret the RVI, we have included 3 different modes for traders to choose from in the input option menu:
1. Zero-Crossing:
The RVI Histogram will turn green when it crosses above zero and red when it crosses below. Therefore, a green RVI means the trend is bullish and red means bearish. This mode is better for longer-term swing trading in comparison to the other 2 modes.
2. Increasing / Decreasing:
The RVI histogram will turn green when it is increasing(rvi >= rvi[1]) and red when it is decreasing. A green RVI is viewed as a bullish signal and red means bearish. This mode is a good middle-ground between the Zero-Crossing and Signal Comparison modes.
3. Signal Comparison:
Here, the RVI is compared to its signal line. If the RVI is greater than its signal line, the histogram is green, indicating a bullish trend, while red means bearish. This mode is preferred for scalping.
Hope everyone finds this one useful!
You can check out our other invite only studies/strategies at our website: profitprogrammers.com
As there are different ways to interpret the RVI, we have included 3 different modes for traders to choose from in the input option menu:
1. Zero-Crossing:
The RVI Histogram will turn green when it crosses above zero and red when it crosses below. Therefore, a green RVI means the trend is bullish and red means bearish. This mode is better for longer-term swing trading in comparison to the other 2 modes.
2. Increasing / Decreasing:
The RVI histogram will turn green when it is increasing(rvi >= rvi[1]) and red when it is decreasing. A green RVI is viewed as a bullish signal and red means bearish. This mode is a good middle-ground between the Zero-Crossing and Signal Comparison modes.
3. Signal Comparison:
Here, the RVI is compared to its signal line. If the RVI is greater than its signal line, the histogram is green, indicating a bullish trend, while red means bearish. This mode is preferred for scalping.
Hope everyone finds this one useful!
You can check out our other invite only studies/strategies at our website: profitprogrammers.com
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
-Profit Programmers
profitprogrammer.com
profitprogrammer.com
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
-Profit Programmers
profitprogrammer.com
profitprogrammer.com
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.