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Indicators

RAVI iFish - indicator for MetaTrader 5

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votes: 15
Published:
2018.01.29 14:38
RAVI iFish.mq5 (15.12 KB)view

Developed by Tushar Chande, the Range Action Verification Index (RAVI) is used in order to help identify if the market is in a trend. The indicator shows the difference (in percentage) between the current prices and the past prices. Two key lines are recommended by Chande for the RAVI – 3% or 1% in dependence on the market.

  • A bull trend begins, when the RAVI crosses the 3% key line from bottom-up. The bull trend is considered as active as long as the indicator line moves up.
  • A bear trend begins, when the RAVI crosses the 1% key line from top to the downside. The bear trend is considered as active as long as the indicator line moves down.

This version has an additional inverse Fisher transform applied to the RAVI in order to emphasize the RAVI values and to make the detection of trend change and exhaustion easier.


Recommendations

  • Can be used in both trending mode and counter trending mode.
  • Adjust trigger levels for trending mode (set the trigger levels to lesser values).
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