Relative 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 Relative Volatility Index / Oscillator.
In summary: When the R.CVI is significantly positive, it indicates a sudden increase in volatility; whereas, when the R.CVI drops significantly negative, it indicates a sudden decrease in volatility -- in relative to the (just prior) market trend.

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.


~JuniAiko
(=^~^=)v~

ملاحظات الأخبار:

Adjusted colors for better contrast, and updated titles.

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Enable/Disable bar-coloring based on RCVI-state.

QUICK GUIDE:

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See also Relative Candle Volatility & Directionality Index -- an enhanced (closed-source) implementation of the Relative Candle Volatility Index (RCVI), with a Relative Candles Directionality Index (RCDI) added.

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Introduced a RCVI-softening factor.

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Added script header.

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Updated script header.

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Plot titles are now made more descriptive to make it easier to define Alerts.

Conditions base on the RCVI were implemented in my Strategies, which have substantially boosted their profitability, viz.:

• Increasing trading activities when RCVI is above the upper threshold.
  
• Stop all trading activities when RCVI is below the lower threshold.
  

See also:
AEONDRIFT-K

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Allow user to choose if they wish to enable/disable clipping of RCVI between 1 and -1.

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Introduced RCVI % rescaling.