by 
This indicator plots a TTM Squeeze momentum oscillator in a separate pane. It compares a Bollinger Band offset to a Keltner Channel offset and marks the zero line white when the difference is non-negative and black when the bands are inside the channel. A line
Indicator · Pine Script v5 · Own pane
Relative Volatility Index
This indicator plots the Relative Volatility Index in a separate pane.
GitHub stars37on the repository
Pine versionv5runs as is
Lines of code37
Settings5inputs
LicenceMIT
Last update3 years ago10 Feb 2023
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
37 lines of Pine Script v5 from Technical-Indicators/Technical Indicators are Here🤩/Relative-Volatility-Index.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
indicator(title="Relative Volatility Index", shorttitle="RVI", format=format.price, precision=2, timeframe="", timeframe_gaps=true)
length = input.int(10, minval=1)
offset = input.int(0, "Offset", minval = -500, maxval = 500)
maTypeInput = input.string("SMA", title="MA Type", options=["SMA", "Bollinger Bands", "EMA", "SMMA (RMA)", "WMA", "VWMA"], group="MA Settings")
maLengthInput = input.int(14, title="MA Length", group="MA Settings")
bbMultInput = input.float(2.0, minval=0.001, maxval=50, title="BB StdDev", group="MA Settings")
src = close
len = 14
stddev = ta.stdev(src, length)
upper = ta.ema(ta.change(src) <= 0 ? 0 : stddev, len)
lower = ta.ema(ta.change(src) > 0 ? 0 : stddev, len)
rvi = upper / (upper + lower) * 100
ma(source, length, type) =>
switch type
"SMA" => [ta.sma(source, length), na, na]
"Bollinger Bands" =>
[middleValue, highValue, lowValue] = ta.bb(source, length, bbMultInput)
[middleValue, highValue, lowValue]
"EMA" => [ta.ema(source, length), na, na]
"SMMA (RMA)" => [ta.rma(source, length), na, na]
"WMA" => [ta.wma(source, length), na, na]
"VWMA" => [ta.vwma(source, length), na, na]
[rviMA,highValue,lowValue] = ma(rvi, maLengthInput, maTypeInput)
h0 = hline(80, "Upper Band", color=#787B86)
hline(50, "Middle Band", color=color.new(#787B86, 50))
h1 = hline(20, "Lower Band", color=#787B86)
fill(h0, h1, color=color.rgb(126, 87, 194, 90), title="Background")
plot(rvi, title="RVI", color=#7E57C2, offset = offset)
plot(rviMA, "RVI-based MA", color=color.yellow, offset = offset)
bbUpper = plot(highValue, title="Upper Bollinger Band", color=color.green)
bbLower = plot(lowValue, title="Lower Bollinger Band", color=color.green)
fill(bbUpper, bbLower, color = color.new(color.green, 90), title="Bollinger Bands Background Fill")
Overview
Relative Volatility Index measures the standard deviation of the close and splits that volatility into upward and downward price changes, then smooths each side with a fixed 14-period exponential moving average and expresses the result as a 0 to 100 oscillator. It draws the RVI, a selectable moving average of the RVI, and fixed horizontal levels at 20, 50 and 80. The deviation length, moving-average type and length, Bollinger multiplier and plot offset are the main settings. It does not generate trade entries or exits.
- 0 to 100 relative volatility oscillator
- Fixed levels at 20, 50 and 80
- Selectable moving average of the RVI
- Optional Bollinger Bands around the RVI
- Adjustable plot offset
Details
Published by
TWODS-CAPITAL on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Volatility & bands, Oscillators & momentum
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| length | int | 10 | length |
| Offset | int | 0 | offset |
| MA Type | string | SMA | maTypeInput |
| MA Length | int | 14 | maLengthInput |
| BB StdDev | float | 2.0 | bbMultInput |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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