Range Action Verification Index (RAVI) indicator, developed by Tushar Chande in the late 1990s, attempts to identify trend strength. Tushar Chande in his original implementation uses two simple moving averages for the calculation and takes the absolute value of the result ensuring all values are positive. Doing this, the larger the value of RAVI, the stronger the trend is said to be, however, the trend direction is lost.
This implementation has been enhanced, if configured to do so, to skip the final absolute value calculation, thus preserving trend direction.
Tushar Chande also recommends the following indicative levels: 0.3% or 0.1% (depending on the market). If the value is in excess of this level, then the trend is considered to be strong.
This implementation supports levels natively in the indicator and do not need to be manually added. If the absolute value calculation is disabled, negative levels can be used.
Finally, this implementation also has been enhanced to support exponential moving averages if the user wishes.
The following are inputs available in the application:
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