Range Operation Verification Index - Extension - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Original definition:

Chande's Range Action Validation Index (RAVI) indicator was developed by Tushar Chande. As an ADX indicator, RAVI is used to identify whether a market or security is trending. The RAVI indicator is calculated using different lengths of moving averages. The first is a short-term moving average of 7 with a lookback period. The second is a 65-bar period of the long-term moving average with a lookback. This indicator returns a percentage value. Once one of the above reaches a certain threshold, the market is considered to be trending.

explain:

If the RAVI value is higher than 3%, the market is considered to be trending. Otherwise, the market is consolidating

Due to their nature, the levels mentioned in the original description are largely arbitrary and in some cases are never reached (depending on the sign and time frame). This version uses levels that are adjusted according to the value, which allows the indicator to work the same on any symbol and any time frame

All the usual: Use color changes to start trends and possible re-entries

Attachment download

📎 ravi.mq5 (11.37 KB)

Source: MQL5 #22294