Relative Vigor Index (RVI) for ThinkorSwim

[BenTen]

This indicator is called Relative Vigor Index or known as RVI. I didn't get much out of it but maybe someone else can.

thinkScript Code

# Relative Vigor Index
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/0pbCZxRN-Relative-Vigour-Index-RVI-Ehlers/

declare lower;

input p = 14;

def CO = close - open;
def HL = high - low;

def value1 = (CO + 2 * CO[1] + 2 * CO[2] + CO[3]) / 6;
def value2 = (HL + 2 * HL[1] + 2 * HL[2] + HL[3]) / 6;

def num = sum(value1, p);
def denom = sum(value2, p);

def RVI = if denom != 0 then num / denom else 0;

def RVIsig = (RVI + 2 * RVI[1] + 2 * RVI[2] + RVI[3]) / 6;

plot line1 = RVI;
plot line2 = RVIsig;

line1.setDefaultColor(getColor(0));
line2.setDefaultColor(getColor(1));

Shareable Link

https://tos.mx/YwXRJPc
A few resources to help you learn more about the RVI:

• https://www.investopedia.com/ask/an...r-index-rvi-create-forex-trading-strategy.asp
• https://forextester.com/blog/relative-vigor-index

 

[markos]

May work well for a Forex trader. Hard to say.

 

[Jwatt7]

BenTen, I'm testing your RVI with a few stocks. I like it very much. I added a zero line to your code and would like to also add arrows and an alert. Something like the below code. Any ideas?


UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
Alert(UpSignal == ZeroLine, "Up Arrow Alert", Alert.BAR, Sound.RING);
Alert(DownSignal == ZeroLine, "Down Arrow Alert", Alert.BAR, Sound.RING);

 

[BenTen]

@Jwatt7 You need to define the condition for up and down arrows first.

 

[BillW]

BenTen, I'm testing your RVI with a few stocks. I like it very much. I added a zero line to your code and would like to also add arrows and an alert. Something like the below code. Any ideas?


UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
Alert(UpSignal == ZeroLine, "Up Arrow Alert", Alert.BAR, Sound.RING);
Alert(DownSignal == ZeroLine, "Down Arrow Alert", Alert.BAR, Sound.RING);

I'm trying it out as an exit indicator.

Here's a zeroline

plot zeroline = 0;

 

[METAL]

Can someone help me fix the arrows not plotting

declare lower;

input p = 14;

def CO = close - open;
def HL = high - low;

def value1 = (CO + 2 * CO[1] + 2 * CO[2] + CO[3]) / 6;
def value2 = (HL + 2 * HL[1] + 2 * HL[2] + HL[3]) / 6;

def num = sum(value1, p);
def denom = sum(value2, p);

def RVI = if denom != 0 then num / denom else 0;

def RVIsig = (RVI + 2 * RVI[1] + 2 * RVI[2] + RVI[3]) / 6;

plot line1 = RVI;
plot line2 = RVIsig;

line1.setDefaultColor(getColor(0));
line2.setDefaultColor(getColor(1));

plot arrowUp = if line1 > line2 and line1[1] <= line2[1] then line1 else double.nan;
arrowUp.setDefaultColor(color.green);

plot arrowDown = if line1 < line2 and line1[1] >= line2[1] then line1 else double.nan;
arrowDown.setDefaultColor(color.red);

#plot line = 0;
line.setDefaultColor(color.white);

 

[Stock Tradin]

Can someone help me fix the arrows not plotting

declare lower;

input p = 14;

def CO = close - open;
def HL = high - low;

def value1 = (CO + 2 * CO[1] + 2 * CO[2] + CO[3]) / 6;
def value2 = (HL + 2 * HL[1] + 2 * HL[2] + HL[3]) / 6;

def num = sum(value1, p);
def denom = sum(value2, p);

def RVI = if denom != 0 then num / denom else 0;

def RVIsig = (RVI + 2 * RVI[1] + 2 * RVI[2] + RVI[3]) / 6;

plot line1 = RVI;
plot line2 = RVIsig;

line1.setDefaultColor(getColor(0));
line2.setDefaultColor(getColor(1));

plot arrowUp = if line1 > line2 and line1[1] <= line2[1] then line1 else double.nan;
arrowUp.setDefaultColor(color.green);

plot arrowDown = if line1 < line2 and line1[1] >= line2[1] then line1 else double.nan;
arrowDown.setDefaultColor(color.red);

#plot line = 0;
line.setDefaultColor(color.white);

Try this:

# Relative Vigor Index
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/0pbCZxRN-Relative-Vigour-Index-RVI-Ehlers/

declare lower;

input p = 14;

def CO = close - open;
def HL = high - low;

def value1 = (CO + 2 * CO[1] + 2 * CO[2] + CO[3]) / 6;
def value2 = (HL + 2 * HL[1] + 2 * HL[2] + HL[3]) / 6;

def num = sum(value1, p);
def denom = sum(value2, p);

def RVI = if denom != 0 then num / denom else 0;

def RVIsig = (RVI + 2 * RVI[1] + 2 * RVI[2] + RVI[3]) / 6;

plot line1 = RVI;
plot line2 = RVIsig;

line1.setDefaultColor(Color.GREEN);
line2.setDefaultColor(Color.RED);

AddCloud(line1, line2, Color.GREEN, Color.RED);

plot UpSignal = if line1 crosses above line2 then line2 else Double.Nan;
UpSignal.SetDefaultColor(Color.GREEN);
UpSignal.SetLineWeight(5);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);

plot DownSignal = if line1 crosses below line2 then line2 else Double.Nan;
Downsignal.SetDefaultColor(Color.RED);
DownSignal.SetLineWeight(5);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);

BTW...if you think the RVI is good...try the HULL indicator:
https://usethinkscript.com/threads/hull-turning-points-concavity-for-thinkorswim.7847/