vitelot

Variability Channel Index (by vitelot)

This is a momentum, trend, as well as a divergence indicator.
It is similar to CCI , though it is based on a slow and fast EMA in connection to ATR, which
allows to interprete it easily.
Both EMAs and ATR have customisable period.
Further explanation and basic usage can be found in the comment section inside the script.
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This indicator is also similar to MACD. In fact, it can be seen as a MACD divided ATR.
The advantage with respect to MACD is that the oversold and overbought conditions can be properly defined.
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