RVRResistance – indicator for MetaTrader 5
Indicator RVR Price Resistance oscillator based on indicator Range_Volume_Ratio shows in a separate window, as a histogram, the candlestick size / tick volume ratios by two parameters:
- Difference between Open and Close;
- Difference between High and Low.
It also displays a signal line plotted by the method of smoothing the histogram values.
The color of the histogram columns can be displayed by two methods:
- By the value of the previous column. If the previous column is above the signal line, then the color is green. Otherwise, it is orange;
- One-color histogram – all columns are of one color.
It has seven input parameters:
- Calculation type – type of calculations:
- Open/Close – difference between Open and Close;
- High/Low – difference between High and Low.
- Period – smoothing period of the signal line;
- Min points – filter by the minimum candlestick size;
- Min volume – filter by the minimum bar volume;
- MA Method – signal line calculation method;
- Colors setting – color settings:
- By previous bar position – histogram column color by the value of the previous column;
- One color – one color.
- Inverse – reverse calculations (Yes/No), Yes – identifying the highest resistance, No – the lowest one.
Filtering by the minimum candlestick size and volume just excludes from the calculations the candlestick size and volume that are lower than the specified values in these settings. In such case, the values specified here are taken into account, not the real size and volume.
If Inverse = No:
SR = Diff / Vol
If Inverse = Yes:
SR = Vol / Diff
Vol = Max(Volume, Min volume) Diff = Max(RVR, Min points) RVR - Range Volume Ratio Signal = Moving average(SR, Period, Method)
Fig.1. Calculating the lowest resistance by Open/Close
Fig.2. Calculating the lowest resistance by High/Low
Fig.3. Calculating the highest resistance by Open/Close (the higher the column is, the stronger the price change resistance is)
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