BeST_Chande RAVI (Range Action Verification Index) is an MT4 Indicator that is based on the corresponding indicator developed by Tushar Chande which is mainly based on market momentum while focuses on identifying ranging and trending markets.
By default RAVI is defined by the formula: RAVI = Absolute value (100 x (SMA(7) – SMA(65)). Also by default there is an arbitrary reference level of 3% that means a market is ranging if the RAVI is less than 3%, or trending strongly if it is is greater than 3% (see about “ Beyond Technical Analysis. How to Develop and Implement a Winning Trading System ” by T.Chande).
Note
This choice of MAs lengths is also purely arbitrary and we can try any other LB Periods depending the FX pair and mainly the timeframe used. The same applies to the reference level of 3% we can use.
Inputs
== Basic Settings
== Levels Settings
- Fast MA Settings (LB_Period,Method and Price)
- Slow MA Settings (LB_Period,Method and Price)
== Alert Settings - for controlling the use of all MT4 Alerts used when RAVI breaks up the reference level.
- Percentage (%) Level for Filtering Trend (by default 3%) - for selecting the reference % Level
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