The Relative Vigor Index (RVI) is a popular and free forex indicator used by many traders. It is an oscillator that measures the strength of price movements and can be used to identify potential reversals. The RVI is a useful tool for traders as it helps them to identify potential trend reversals and to determine when to enter and exit trades. The RVI indicator is based on the idea that when the closing price is higher than the opening price, the market has more “vigor” or strength. Conversely, when the closing price is lower than the opening price, the market has less “vigor” or strength. The RVI indicator is calculated by taking the difference between the current closing price and the previous closing price and dividing it by the sum of the current closing price and the previous closing price. This calculation is then plotted on a chart, with values ranging between 0 and 100. The RVI indicator is available for free on many popular MT4 trading platforms. It is easy to use and can be a valuable tool in any trader’s arsenal. With the RVI indicator, traders can identify potential trend reversals, confirm price breakouts, and spot overbought and oversold levels. This makes the RVI a useful and popular indicator for forex traders.
Relative Vigor Index
The Relative Vigor Index (RVI) is a popular and free Forex indicator used in the MT4 platform. The RVI is based on the idea that when the closing price of a currency pair is higher than the opening price, the closing price is considered to be more vigorous than the opening price. The RVI indicator is designed to measure the relative vigor of the closing price compared to the opening price. The RVI indicator can be used to identify potential trading opportunities in the Forex market and can be a useful tool for traders to determine the strength of a trend.
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How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.