cybernetwork

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 Volatility Index/Oscillator.

I intent to later use this to filter out signals in my Buy/Sell suggestion/strategy scripts during periods of low volatility .

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.

If you like any of my set of indicators, and it has benefited you in some ways, please consider tipping a little to my HRT fund. =D
cybernetwork @ EOS
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~JuniAiko
(=^~^=)v~
Release Notes: Added CVI-squaring option.
Release Notes: In summary: If the CVI is significantly positive, it indicates a highly volatile market; While if the CVI is significantly negative, it indicates that the market may be in a low-volatility period.
Release Notes: Significant update to improve compatibility with low volume charts.
Release Notes: Added inputs descriptions.
Release Notes: Tweaked default parameters.
Introduced CVI smoothing.
Squared-plot feature removed.
Release Notes: Introduced CVI Map to allow easier visualization of CVI state (needs to be manually enabled).
Release Notes: Allow users to enable plotting CVI in terms of %s (small difference in log-plots).
Release Notes: ABANDONED SCRIPT

Republished as "Relative Candle Volatility Index" for a more precise name + the abbreviated, "RCVI", is presently not already being used by any other popular indicators.
Release Notes: Please switch to using the renamed and republished script instead. :)
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NOTICE:

This script is now republished as "Relative Candle Volatility Index" for a more precise name + the abbreviated, "RCVI", is presently not already being used by any other popular indicators.
Reply
This looks interesting, thanks for sharing!
+1 Reply
@wroclai, Thanks! I will continue to test and improve upon it as I try to apply it to my own small or paper trades. :)
Reply
Hi... @cybernetwork , how to use...?
Reply
Hi @MrMama, I'm planning to implement this on my Buy/Sell suggestion/strategy scripts to identify low volatility periods where they are prone to false positives.
However in summary, if the CVI is significantly positive, it indicates a highly volatile market. While if the CVI is significantly negative, it indicates that the market may be in a low-volatility period.
Reply
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