Relative Vigor Index
Relative Vigor Index (RVI) is a technical indicator used to establish the level of energy, or vigor within the current market. It is an oscillator based on the concept that prices tend to close higher than they open in uptrends and close lower than they open in downtrends.
When the market is up (bull), the closing price is generally of a higher level than the opening price of the market, with the opposite being true for a down (bear) market.
By using the Relative Vigor Index to analyze the movements in price level between the open and close of the market, and by comparing this to results gained during subsequent and preceding days, one can ascertain the overall vigor of the market as so to better predict the outcome of certain trends.