Relative Vigor Index (RVI)

The relative vigor index starts from the idea that in an uptrend the close tends to be above the open, and in a downtrend below it, relative to the day's range. It smooths that close-open value and divides by the smoothed range so the result is scaled. A signal line is plotted on top, and crosses are the usual trigger. It is vigor of the close within the bar, not RSI.

RVI is positive when closes have been finishing above opens, after smoothing. It oscillates around zero. A cross of the signal line is a change in that smoothed vigor. Because the denominator is the range, a doji-filled market pushes the ratio around even when little net progress happens. Smoothing is there to calm that.

A cross of RVI up through its signal line, from negative territory, with price holding a higher low, is the bullish use. The cross alone, in chop, is not a trend.

A cross down through the signal line is the bearish use, preferably with a lower high. Do not treat RVI as independent of the candle pattern. It is a smoother of those candles.

Confusing RVI with RSI because both start with R. The inputs are different. Also trading every signal cross on a one-minute chart, where open and close are almost arbitrary.

Any indicator built on open versus close inherits the session definition. A futures session open and a cash open produce different RVI. Match the session to the market you trade.