RVI is short for Relative Vigor Index, and represents an indicator that is deployed in technical analysis to gauge the conviction of a recent price action and the probability that it will carry on.
The RVI matches the positioning of a forex pair’s closing price relative to its price range, and the result s smoothed by plotting an exponential moving average of the values.
The RVI is combined with the Fisher Transform to yield the Fisher RVI Metatrader 5 forex indicator.
The combination allows traders to create an almost Gaussian probability density function by stabilizing prices.
The Fisher Transform allows peak swings somewhat infrequent an unmistakably spots reversal in prices on the activity chart.
Traders who sought for exceptionally timely alerts instead of lagging signals should go for the Fisher RVI MT5 forex custom indicator.
The mathematically formula that explains the Fisher RVI Metatrader 5 forex indicator is shown below:
RVI = Close-Open/High-Low
The USD/CHF M30 chart below displays the Fisher RVI Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the line of the Fisher RVI Metatrader 5 Forex indicator break and stays above the zero level.
Sell Signal: Go short when the line of the Fisher RVI MT5 Forex custom indicator break and hover below the zero level.
Exit buy trade: Close all buy orders if while a bullish signal is ongoing, the Fisher RVI Metatrader 5 Forex indicator crosses below the zero level.
Exit sell trade: Close all sell orders if while a bearish signal is running, the Fisher RVI MT5 Forex indicator breaks above the zero level.
Tip: Deep sky blue filled line of the Fisher RVI Metatrader 5 forex indicator indicates a bullish trend, while a light salmon filled line indicates a bearish trend.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (RVI period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Fisher RVI.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)