DV2 for MT4
The DV2 is a RSI(2) alternative and an indicator that derives from the DVO. It's simply one specific setting of the DVO that was originally designed for the SPY. It was determined that the open and close had very little value in this case, and that the optimal weighting period was nearly 50/50 over the last two days. As it turned out this weighting scheme worked very well also on almost all ETFs and on most stocks.
This version is bounded by using a percent rank function.
How to interpret
The DV2 is especially suitable for short-term mean-reversion (MR) trading. Appropriate levels of overbought and oversold varies depending on the instrument. Example: Buy the next day open when DV2 is less than 20% and short the next day open when DVO is above 80%.