XRVI - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The Relative Vitality Index (RVI) calculation is based on the idea that during an uptrend the closing price is usually higher than the opening price.

In the case of a downtrend, the opposite is true. Divide the price change by the maximum price range within a bar to normalize the index:

RVI = (closing price - opening price) / (highest price - lowest price)

The oscillator is smoothed to exclude occasional price fluctuations. Signal lines are generated in the same way. The main advantage of this well-known indicator variant is the possibility to change the RVI and signal line smoothing algorithms by choosing one of the ten existing algorithms:

It should be noted that the Phase parameter has completely different meanings for different smoothing algorithms.

The indicator uses the SmoothAlgorithms.mqh library class (must be copied to terminal_data_folder\MQL5\Include). The use of the class "Average price series for intermediate calculations without using additional buffers" is described in detail in the article.

Attachment download

📎 smoothalgorithms.mqh (133.8 KB)

📎 xrvi.mq5 (9.13 KB)

Source: MQL5 #506