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Relative Vigor Index (RVI) Indicator

This is a trend following indicator that can confirm the general trend of the market.  The idea behind Relative Vigor Index is that the vigor of the move is established when the prices end up at the close.  To normalize the index to the daily trading range, divide the change of price by the maximum range of prices for the day.  The calculation consists of dividing the close minus the open by the high minus the low.  The number of periods specified is the "smoothing" factor.  A default of 10 is recommended.  As with most trend indicators, the higher number of periods, the less "whipsawing", but the worse the lag.

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Relative Vigor Index (RVI) Developer Help