Relative Vigor Index (RVI) calculation is based on the idea that close prices are usually higher than the open ones during an uptrend.
The reverse situation is true in case of a downtrend. The price change is divided to the maximum prices range within one bar to normalize the index:
RVI = (CLOSE - OPEN) / (HIGH - LOW)
The oscillator is smoothed to exclude occasional price fluctuations. The signal line is generated the same way. The main advantage of this variant of the well-known indicator is the possibility to change RVI and the signal line smoothing algorithms by selecting an appropriate one out of ten algorithms present:
It should be noted that Phase parameter has completely different meaning for different smoothing algorithms.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/506
ExCandles-v2 indicator shows candlesticks combinations on a chart using the arrows.iTrend
Combined power and trend direction indicator.