Relative Volatility Index – indicator MetaTrader 5
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This indicator can use the fixed levels too (as the “basic” version — when floating level period is set to <=1) but in that case it clearly shows how introducing floating levels can completely change the nature of the indicator. This indicator has the floating levels (which you can turn off by setting the floating levels to less than 1), and it seems that it really needed something like that (like all RSI like indicators, long periods of relative volatility index tend to get flatter and flatter, and then the fixed levels are becoming useless).
Deviation from the original calculation is that smoothing is added. Without smoothing (when smoothing is set to <= 1), the results is “jumpy” and in order to avoid that kind of too much signals, smoothing was added. Even longer periods of smoothing can be used (it does not cause significant lag) — but some experimenting is advised.
