This is a volatility indicator created by extending concepts from Tushar Chande's Range Action Verification Index (RAVI).
This indicator constructs range of the RAVI indicator. It uses this range to build a histogram that represents how fast the range is changing, or a measure of volatility. A line is then constructed, either from a...
Range Action Verification Index (RAVI) indicator script. This indicator was originally developed by Tushar Chande (see his book "Beyond Technical Analysis: How to Develop and Implement a Winning Trading System").
The indicator represents the relative convergence/divergence of the moving
averages of the financial asset, increased a hundred times. It is based on
a different principle than the ADX. Chande suggests a 13-week SMA as the
basis for the indicator. It represents the quarterly (3 months = 65 working days)
sentiments of the market participants concerning...