CVI Metatrader 5 Forex Indicator
CVI is short for Chartmill Value Indicator, a Metatrader 5 custom technical tool that was narrated by Dirk Vandycke in the Technical Analysis of Stocks & Commodities magazine in January, 2013.
The Chartmill Value Indicator depicts a standard deviation from moving average and has the potential of being added to any price series over any timeframe.
The idea behind it is noble.
As we see price appreciate, they will move away from the moving average at the end. Subsequently, the moving average will begin to grow.
The distance between prices and the moving average will start to get smaller as prices begin to flatten out or consolidate, while the moving average will keep moving over a while.
When compared to other oscillators, the CVI MT5 indicator shows us overbought/oversold zones more capably, considering the distance between price and the moving average is divided by the average true range, which intensely toughens deviating from the moving average on extended trend-following zones.
There are three important input parameters found on the CVI:
Period – defines the period for calculation;
Method – defines the moving average calculation method;
Calculation mode – defines the calculation for the deviation mode:
ATR – defines the calculation for deviation mode by ATR;
Sqrt ATR – defines the calculation for deviation mode by square root of ATR.
The formula for the CVI is defined as follow:
CVI = (Close-VC) / ATR * Mode
VC = MedianMA(Period, Method)
ATR – Average True Range(Period)
If Calculation mode = ATR:
Mode = Period
Mode = SQRT(Period)
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Method, Calculation mode), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the CVI.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)