Introduction to the Relative Volatility Index Indicator
The Relative Volatility Index Indicator consists of two color-filled floating areas which suggest whether the current volatility is bullish or bearish. The indicator is originally coded to support multi-time frame analysis and provides alerts.
The Relative Volatility Index Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Closer look on the Relative Volatility Index Indicator
When the floating area is greenish – it means the volatility suggests bullish movement. Similarly, the orangish floating area indicates bearish ongoing volatility. There are also periods of neutral activity. Just take a look, how it looks when the indicator is activated in MT5:
The indicator is highly customizable, however changing some of the important inputs may result in a completely different nature of that tool. The author suggests keeping the floating levels to > 1 and the smoothing to > 1. These are available inputs:
How to set up the Relative Volatility Index indicator in MetaTrader (MT5)?
Download the Relative Volatility Index.rar archive at the bottom of this post, unpack it, then copy and paste the Relative Volatility Index.ex5 or Relative Volatility Index.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Summary Of That Forex Indicator
The Relative Volatility Index indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex indicators to try.
Download Free Forex MT5 Relative Volatility Index Indicator
To download the Relative Volatility Index Indicator for Metatrader 5 (MT5) for free just click the button below: