CVI - MetaTrader 5 Script - MQL5 #21105 | Forex Indicator Download - MT4/MT5 Resources
The CVI (Chartmill Value Index) oscillator was described by Dirk Vandycke in the January 2013 issue of Technical Analysis of Stocks and Commodities magazine.
CVI represents the standard deviation of the moving average and can be applied to any price series in any period.
The concept is simple. As prices rise, they will eventually move away from the moving average. Finally, the moving average will also start to grow. When price begins to flatten or consolidate, the gap between price and the moving average will begin to narrow, and the moving average will continue to move with inertia for a period of time.
Compared to other oscillators, this indicator shows overbought/oversold areas more effectively because the gap between price and MA is divided by the average true range, which strongly reinforces deviations from the moving average in longer trend-following areas.
The indicator has three configuration parameters:
VC = MedianMA(period, method) ATR - Average True Range (Period)
If calculation mode = ATR:
Attachment download
📎 cvi.mq5 (8.82 KB)
Source: MQL5 #21105
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