The RAVI iFish Metatrader 5 Forex indicator was developed by Tushar Chande, and while the RAVI is short for Range Action Verification Index, the indicator is used to spot if the forex market is in a trend.
The indicator displays in percentage the deference between the current prices and the past prices.
Two lines are recommended by Chande for the Range Action Verification Index – 3%/1% is dependent on the market.
A bull alert is triggered when the RAVI iFish breaks the 3% signal line from bottom-up.
As long as the line of the indicator moves upwards, the bullish trend is said to be continuing.
When the RAVI iFish crosses the 1% signal line in a top downward manner, a bear trend is said to be looming.
As long as the indicator line continues to dive lower the bear trend is said to be active.
The indicator works for scalping, day trading, swing trading and position trading.
The USD/JPY H4 chart below displays the RAVI iFish Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the line of the RAVI iFish Metatrader 5 indicator breaks above the 0.03 level.
Sell Signal: Go short when the line of the RAVI iFish MT5 forex indicator breaks below the -0.03 level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the RAVI iFish Metatrader 5 Forex indicator line dips below the 0.03 level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the RAVI iFish MT5 Forex indicator line climbs above the -0.03 level.
Tips: This version of the RAVI iFish Metatrader 5 custom forex indicator has an additional inverse Fisher transform that is applied to the RAVI in a bid to highlight the RAVI values and to allow trend detection easier.
Scalpers and day traders can make use of the RAVI iFish MT5 indicator.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Fast period, Slow period, Price, Average method, Trigger level), 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 RAVI iFish.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)