Relative Candle Volatility Index

I am not certain if something similar is already available out there. However, here's my own implementation of my simple idea of using the length of the candle-body, or wicks (high-low), to derive a Relative Volatility Index / Oscillator.
In summary: When the R.CVI is significantly positive, it indicates a sudden increase in volatility; whereas, when the R.CVI drops significantly negative, it indicates a sudden decrease in volatility -- in relative to the (just prior) market trend.

If you do wish to copy, modify, and publish an alternate version base on this script, please do not plagiarize and kindly reference/link back to this original script. =D

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Note:
In no way is this intended as a financial/investment/trading advice. You are responsible for your own investment decisions and trades.
Please exercise your own judgement for your own trades base on your own risk-aversion level and goals as an investor or a trader. The use of OTHER indicators and analysis in conjunction (tailored to your own style of investing/trading) will help improve confidence of your analysis, for you to determine your own trade decisions.

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Please check out my other indicators sets and series, e.g.

LIVIDITIUM (dynamic levels),
AEONDRIFT (multi-levels standard deviation bands),
FUSIONGAPS (MA based oscillators),
MAJESTIC (Momentum/Acceleration/Jerk Oscillators),
PRISM (pSAR based oscillator, with RSI/StochRSI as well as Momentum/Acceleration/Jerk indicators),
PDF (parabolic SAR /w HighLow Trends Indicator/Bar-color-marking + Dynamic Fib Retrace and Extension Level)
and more to come.

Constructive feedback and suggestions are welcome.

~JuniAiko
(=^~^=)v~

Notes de version

Adjusted colors for better contrast, and updated titles.

Notes de version

Enable/Disable bar-coloring based on RCVI-state.

QUICK GUIDE:

Notes de version

See also Relative Candle Volatility & Directionality Index -- an enhanced (closed-source) implementation of the Relative Candle Volatility Index (RCVI), with a Relative Candles Directionality Index (RCDI) added.

Notes de version

Introduced a RCVI-softening factor.

Notes de version

Added script header.

Notes de version

Updated script header.

Notes de version

Plot titles are now made more descriptive to make it easier to define Alerts.

Conditions base on the RCVI were implemented in my Strategies, which have substantially boosted their profitability, viz.:

Increasing trading activities when RCVI is above the upper threshold.
Stop all trading activities when RCVI is below the lower threshold.

See also:
AEONDRIFT-K

Notes de version

Allow user to choose if they wish to enable/disable clipping of RCVI between 1 and -1.

Notes de version

Introduced RCVI % rescaling.

Script open-source

Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.

cybernetwork

Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.

Script open-source

cybernetwork