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) 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!

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Skrip open-source

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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