Relative Volatility Index - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
The indicator can also use fixed levels (as a "basic" version - when the floating level period is set to <=1) but in this case it clearly shows how the introduction of floating levels can completely change the nature of the indicator. The indicator has floating levels (you can turn it off by setting the floating level to less than 1), and it seems there is a real need for something like this (as with all RSI-like indicators, the long-term Relative Volatility Index tends to become flatter and flatter, and then the fixed levels become flatter and useless).
Deviations from the original calculation are smoothed. Without smoothing (when smoothing is set to <= 1), the result is "jumpy", to avoid that too much signal, smoothing was added. Even longer smoothing time usage is possible (it won't cause noticeable lag) - but some experimentation is recommended.
Attachment download
📎 relative_volatility_index.mq5 (41.07 KB)
Source: MQL5 #16716
Relative Volatility Index - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
Relative Volatility Index - MetaTrader 5 Script | Foreign Exchange Indicator Download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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