Relative Vigor Index (RVI) for ThinkorSwim

[BenTen]

mod note:

updated: 1/16/26

Why the Relative Vigor Index (RVI) Can Be a Better Confirmation Study Than RSI or Stochastics

The problem with the classic tools — RSI and Stochastics — is that they are extremely sensitive to bar‑to‑bar noise. They twitch, they overreact, and they often fire signals that have nothing to do with actual trend strength.

The Relative Vigor Index (RVI), originally developed by John Ehlers, takes a different approach. Instead of reacting to every tiny fluctuation, it measures whether price tends to close near the highs in an uptrend or near the lows in a downtrend, and it smooths that measurement with a FIR filter. The result is a calmer, more stable oscillator that behaves more like a trend confirmation tool and less like a panic generator.

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));

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/

 

[offscript]

This indicator works best when paired up with the bull/bear method for entry, it pegs reversals like nobody's business.

 

[abozicof]

Hi @offscript do you have a Http ref for Bull/Bear Method please?
I tried search but couldn't find it