Relative Vigor Index [RVI]
Relative Vigor Index (RVI) is a technical indicator used to establish the level of energy, or vigor within the current market. When the market is up (bull), the closing price is generally of a higher level than the opening price of the market, with the opposite being true for a down (bear) market. By using the Relative Vigor Index to analyze the movements in price level between the open and close of the market, and by comparing this to results gained during subsequent and preceding days, we are able to ascertain the overall vigor of the market as so to better predict the outcome of certain trends.
RVI = (Close-Open) / (High-Low)]