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The Relative Vigor Index is an oscillator introduced by John Ehder. Described in an article entitled 'Something old, something new' in the Technical Analysis of Stocks and Commodities magazine in January 2002 edition, the RVI combines modern digital signal processing with the classical market technical analysis.
In fact, the RVI formula may be considered as a more complex variation of the classical stochastic indicator, being based on the calculation of a weighted sum of daily differences between open and close prices, normalized by an averaged similar weighted sum of daily differences between highs and lows. The result thus obtained is an oscillator that is in phase with the price cyclic component.
The RVI indicator contains two lines, the RVI line and RVI Signal line. The crossover between the two lines is generally used to generate signals. When the RVI crosses above the RVI Signal line, a buy signal occurs, and when the RVI crosses below the RVI Signal line, a sell signal occurs.
Signals can also be generated when the indicator price reaches an overbought or oversold area.
This function returns the RVI line, it takes the cycle period as argument. The function name is "relative_vigor_index". Here is the location of the object that returns the RVI Signal line: Relative Vigor Index - Signal Line.
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