Deepvue's RMV Indicator

 Deepvue's RMV Indicator, or Relative Measured Volatility, is a tool that measures price volatility relative to a lookback period on a scale of 0 to 100. It helps identify tight consolidation zones (low RMV, near 0) which often precede potential breakouts. You can find a user-created version of this indicator on TradingView by searching for "Relative Measured Volatility (RMV) – Spot Tight Entry Zones" or similar names.  

How to use it on TradingView

1. Find the script: 

   In TradingView, go to the indicators section and search for "Relative Measured Volatility (RMV) – Spot Tight Entry Zones". Other user-created scripts with similar names may also be available. 
2. Add to chart: 

   Click the indicator to add it to your chart. 
3. Interpret the values:

   • Low values (close to 0): Indicate tight price action or low volatility, suggesting a consolidation phase that could lead to a breakout. 
   • High values (close to 100): Indicate expanded price action or high volatility compared to the recent past. 
   • Medium values (around 50): Represent typical volatility. 
4. Adjust settings:

   • Lookback period: The default is often 15 periods, but you can change it to suit your strategy. A shorter lookback (like 5) is good for IPOs, while a longer one (50 or 100) might be better for longer-term trading. 
   • Appearance: Customize the color, style (like line or histogram), and add horizontal lines to create visual zones for different volatility levels. 

Key benefits

• Identify tight areas: 

  The primary purpose is to objectively identify periods of price contraction, which is crucial for finding breakout setups. 
• Improve entry timing: 

  By focusing on these tight areas, you can improve the timing of your entries for potentially explosive moves. 
• Reduce subjectivity: 

  It provides a numerical measure of volatility, helping to confirm visual analysis and making it easier for beginners to identify tight price action.