Add chart label for Relative Volatility Index

Ok so we’ll give a link to the original post here because we going to use that code: https://www.hahn-tech.com/ans/relative-volatility-index-rvi-custom-watch-list/

Only a few minor tweaks are required to get this converted from watchlist column to chart label.

Here is the code from that other post:

input stDevLength = 10;
input averageLength = 14;
input averageType = AverageType.EXPONENTIAL;
def stDevHi = stDev(high, stDevLength);
def stDevLo = stDev(low, stDevLength);
def avgStDevHiUp = MovingAverage(averageType, if high > high[1] then stDevHi else 0, averageLength);
def avgStDevHiDown = MovingAverage(averageType, if high < high[1] then stDevHi else 0, averageLength);
def avgStDevLoUp = MovingAverage(averageType, if low > low[1] then stDevLo else 0, averageLength);
def avgStDevLoDown = MovingAverage(averageType, if low < low[1] then stDevLo else 0, averageLength);
def rviHi = if avgStDevHiUp + avgStDevHiDown == 0 then 50 else 100 * avgStDevHiUp / (avgStDevHiUp + avgStDevHiDown);
def rviLo = if avgStDevLoUp + avgStDevLoDown == 0 then 50 else 100 * avgStDevLoUp / (avgStDevLoUp + avgStDevLoDown);
plot RVI = (rviHi + rviLo) / 2;
AssignBackgroundColor(if RVI > 55 then Color.RED else if RVI < 45 then Color.GREEN else Color.BLACK);

So, there is only TWO changes. We replace the final statement statement “AssignBackgroundColor()” with a new statement that places the chart label on the chart.

So remove this:

AssignBackgroundColor(if RVI > 55 then Color.RED else if RVI < 45 then Color.GREEN else Color.BLACK);

Then add this:

AddLabel(yes, Concat("RVI: ", RVI), if RVI > 55 then Color.RED else if RVI < 45 then Color.GREEN else Color.BLACK);

The second change is to locate this line:plot RVI = (rviHi + rviLo) / 2;

And replace it with this line: def RVI = (rviHi + rviLo) / 2;

(all we did was change the plot to def)

Screenshot below is how it appears on the upper price graph. The lower plot graph is not included. I simply added the built in version that comes with Thinkorswim so you can see the current values match the chart label.