Zig Zag + RVI / Owl of Profit

Zig Zag + Relative Vigor Index (RVI) Strategy

This strategy combines the Zig Zag indicator for identifying trends and the Relative Vigor Index (RVI) for momentum-based entry and exit signals.

Features:
Zig Zag Indicator:

Helps identify major price trends and reversals.
Threshold: 5% (default) to filter out minor price movements.
Dynamically tracks highs and lows to determine the direction of the trend.
Relative Vigor Index (RVI):

Measures market momentum based on closing and opening prices relative to the range.
Length: 14 (default).
Overbought Level: 60 (default).
Oversold Level: 40 (default).
Entry and Exit Logic:
Long Condition:

Zig Zag trend is up.
RVI crosses above the oversold level (40).
Short Condition:

Zig Zag trend is down.
RVI crosses below the overbought level (60).
Exit Long:

Zig Zag trend reverses to down.
OR RVI crosses below the overbought level (60).
Exit Short:

Zig Zag trend reverses to up.
OR RVI crosses above the oversold level (40).
Visualization:
Zig Zag Lines:

Green lines for uptrends and red lines for downtrends plotted on the price chart.
RVI:

Plotted in blue with horizontal overbought (60) and oversold (40) levels for reference.
Customization:
Adjustable Zig Zag percentage threshold for filtering trend reversals.
Configurable RVI levels and length to fit various market conditions.
This strategy is ideal for traders looking to combine trend identification with momentum-based signals for precise entries and exits.

Visit my website for more tools and strategies: bybitindicators.com

Happy trading!