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
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~JuniAiko
(=^~^=)v~

Sep 08

Sürüm Notları: Added CVI-squaring option.

Sep 08

Sürüm Notları: 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.

Sep 08

Sürüm Notları: Significant update to improve compatibility with low volume charts.

Sep 08

Sürüm Notları: Added inputs descriptions.

Sep 09

Sürüm Notları: Tweaked default parameters.
Introduced CVI smoothing.
Squared-plot feature removed.

Sep 09

Sürüm Notları: Introduced CVI Map to allow easier visualization of CVI state (needs to be manually enabled).

Sep 09

Sürüm Notları: Allow users to enable plotting CVI in terms of %s (small difference in log-plots).

Sep 09

Sürüm Notları: 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.

Sep 10

Sürüm Notları: Please switch to using the renamed and republished script instead. :)