RVI seems to be a custom indicator in Many standard charting platforms.But it seems not available in METATRADER.
Can any one code the following RVI Code for Meta Trader 4 ?
The Relative Volatility Index by Donald Dorsey
"The RVI is simply the relative strength
index (RSI) with thestandarddeviation over the past 10 days used in
place of daily price change. Because most indicators use price
changefortheir calculations, we need a confirming indicator that uses a
different measurement to interpret market strength.The RVI measures the
direction of volatility on a scale of zero to 100. Readings above 50
indicate that the volatility as measured by the 10-day standard
deviation of the closing prices is more to the upside.Readingsbelow 50
indicate that the direction of volatility is to the downside. The
initial testing indicates thattheRVIcan be used wherever you might use
the RSI and in the same way, but the specific purpose of this study is
tomeasurethe RVI's performance as a confirming indicator."
The RVI was designed to measure the direction of volatility.
It calculatesprice strength by measuring volatility rather than pricechange.
All of the following formulas are required:
(100*Fml("@RVI Up"))/(Fml("@RVI Up")+Fml("@RVI Down"))
Relative Volatility Index (RVI)
RVIDown := ((PREV*13)+If(ROC(C,1,%)<0,Stdev(C,10),0))/14;
RVIUp := ((PREV*13)+If(ROC(C,1,%)>0,Stdev(C,10),0))/14;
RVIall := ( 100 * RVIUp ) / ( RVIUp + RVIDown);
Try Dorsey Inertia with SmoothingPeriod = 1.
Is it the same?
I suspect Inertia is a derivative based on RVI....Your thoughts ?
As I found, this Inertia mq4 code is a Simple Moving Average of RVI. But it's RVI computing is not your original RVI formula. It is based on Version 2 RVI formula, that you can find here:
If you write SmoothingPeriod = 1, it will swith off Moving Average, and you will get this Version 2 RVI.
You have Relative Volatility indicator in MQ4 ?
if you don't mind .Kindly share
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