The Ehler’s Relative Vigor Index can be easily implemented in the NeuroShell Trader by combining a few of the over 800 built in indicators. We’ve done this for you already and have created custom indicators that you can download from the NeuroShell Trader free technical support website.
While Ehler’s Relative Vigor Index is relatively complicated, we were able to create these custom indicators by first creating a Finite Impulse Response Filter (FIR) as described by Ehlers:
FIR = (X + 2* Lag(X,1) + 2* Lag(X,2) + Lag(X,3)) / 6
We then replaced X with Close – Open (for the Numerator) and High – Low (for the Denominator), used the Sum indicator to accumulate across 5 bars, and completed the RVI Indicator by using the divide indicator (excluding cases where the denominator is zero). To create the RVI Signal we reapplied the FIR filter to the RVI Indicator.
To use the RVI and RVI Signal indicators (after you’ve downloaded them):
Select Insert – New Indicator
Select the RVI and RVI Signal indicators from the Custom Indicators Category.
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