The Relative Vigor Index (RVI) is an oscillator that compares an instrument’s Close price and Open price to measure the strength of price movements and determine a trend in market activity.
Configuration Options
- Period: Number of bars to use in the calculations.
- Color Selectors: Colors to use for graph elements.
- Display Axis Label: Whether to display the most recent value on the Y axis.
Formula
Usually RVI is displayed as two lines:
[ RVI_{1} = frac{(Close – Open)}{(High – Low)} ]
[ RVI_{n{text -}period} = n{text -}period; SMA; of; RVI_{1} ]