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    Relative Volatility Index (RVI)
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      Relative Volatility Index (RVI)

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        Relative Volatility Index (RVI) is a volatility indicator based on Relative Strength Index (RSI). RVI uses 9-period standard deviation over several last bars instead of average price change, which is used in RSI. The indicator values utilize on the scale from 0 to +100 with overbought/oversold levels. The volatility direction is interpreted as upside when the line is above 50, and downside when the line is below 50.

        RVI = (RVIorig of highs + RVIorig of lows) / 2
        RVIorig = 100 * (14-days EMA of U) / (14-days EMA of SD)
        U = SD, if current price is above the price of previous period
        U = 0, if the current price is below the price of previous period 

        where:
        EMA – Exponential Moving Average
        SD – 10-days' standard deviation
        RVIorig of lows – Relative Volatility Index for minimums
        RVIorig of highs – Relative Volatility Index for maximums

        Relative Volatility IndexRelative Volatility Index

        INPUTS

        InputDescription
        LengthThe number of bars used to calculate the RVI
        OverboughtThe price to fix the overbought level at
        OversoldThe price to fix the oversold level at

        PLOTS

        The plot renders the data you are working with on the chart. You can show/hide a plot by clicking the corresponding item in the settings. Every plot has a set of basic settings that you can change: color, weight, and type.

        PlotDescription
        RVIThe Relative Volatility Index plot
        OverBoughtThe overbought level
        OverSoldThe ovelsold level
        Color

        Click the color rectangle under the plot's name to open the palette. Use the slider at the bottom to set the opacity of the color.

        Palette

        To create a custom color:

        1. Clickto open the color picker
        2. By using the slider at the bottom, adjust the main color
        3. Then, set a shade for the main color on the palette

        The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.

        Weight
        Change the value (in px) to adjust the thickness of the plot.
        Type
        The following plot types are available:
        • Linear. The plot is displayed as a line.
        • Column. The plot is displayed as a histogram.
        • Difference. The plot is displayed as a line which represents the difference between High and Low prices of the bar.
        • Points. The plot is displayed as points.
        • Text above candle. The plot is displayed as the price labels above candles on the chart.
        • Text below candle. The plot is displayed as the price labels below candles on the chart.
        • Triangle above candle. The plot is displayed as triangles above candles on the chart.
        • Color candle. The candles on candle-type charts are highlighted with specified colors.

        OVERLAYING

        Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.

        Note: To reset the settings, click Restore to Default next to the SETTINGS: INDICATOR'S TITLE
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