How to read a chart using it?
- First signal to buy is when you see RVSI is close to green oversold levels.
- Once RVSI passes above it's orange , that would be the second alert of accumulation.
- Be always cautious when it reaches 50 level as a random statistical correction can be expected because of "market noises".
- You know it's a serious uptrend when it reaches above 75 and fluctuates there, grading behind .
- The best signal to sell would be a situation where you see RVSI passing below it's when the whole thing is close to Red overbought level
It looks simple, but it's powerful!
I'd use RVSI in combination with price-based indicators.
Added visual intuitiveness
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.