OPEN-SOURCE SCRIPT
RVI trend confirmation
Updated
Uses the RVI (Relative Volatility Index) to confirm trend. It focus on the direction of the RVI and not if it is above or below a certain level.
HOW to read the indicator:
Combine this with another indicator in order to confirm whether a trend is starting.
HOW to read the indicator:
- Blue or value 1 = bull trend confirmation
- Red or value -1 = bear trend confirmation
- Gray or value 0 = choppy market
Combine this with another indicator in order to confirm whether a trend is starting.
Release Notes
v2. just updated using the original RVI trading view formulaOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
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