Maximize Your Trading with RVR Resistance Indicator for MetaTrader 5

The RVR Price Resistance indicator is a powerful tool for traders using MetaTrader 5. This oscillator, which is based on the Range Volume Ratio, displays a histogram in a separate window that showcases the ratios of candlestick size to tick volume based on two key parameters:

Difference between Open and Close;
Difference between High and Low.

Additionally, it features a signal line that smooths the histogram values for clearer insights.

When it comes to the histogram’s color, you have two options:

If the previous column is above the signal line, it shows green; otherwise, it turns orange.
Alternatively, you can opt for a one-color histogram, where all columns are displayed in a single shade.

This indicator is invaluable for identifying price movement resistance levels. By comparing the bar range (from Open to Close or from High to Low) to tick volume, you can effectively gauge market dynamics. The direct ratio (range/volume) helps pinpoint the lowest resistance, while the reverse ratio (volume/range) indicates the highest resistance against price changes.

RVR comes with seven adjustable input parameters to tailor it to your trading style:

Calculation type - Choose between:
- Open/Close - measures the difference between Open and Close;
- High/Low - measures the difference between High and Low.
Period - sets the smoothing period for the signal line;
Min points - filters out candlesticks smaller than this size;
Min volume - filters out bars with volume below this threshold;
MA Method - selects the calculation method for the signal line;
Colors setting - customize the histogram’s colors:
- By previous bar position - colors based on the previous column's value;
- One color - uniform color for all columns.
Inverse - toggle for reverse calculations (Yes/No); Yes identifies the highest resistance, while No identifies the lowest.

Filtering out minimum candlestick sizes and volumes ensures that only relevant data is considered in your calculations. If any candlestick size or volume falls below your specified values, those thresholds will be used instead.

Calculations:

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)

Maximize Your Trading with RVR Resistance Indicator for MetaTrader 5

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