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:
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 and red means . 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 signal and red means . 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 , while red means . This mode is preferred for scalping.
Hope everyone finds this one useful!
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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.