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Range Action Verification Index (RAVI) by Tushar Chande
The  indicator Range Action Verification Index (RAVI) is useful to check trending and ranging markets like the ADX. RAVI is a momentum based indicator whereas the ADX looks at  current price action to the previous. 

Range Action Verification Index (RAVI)

A:=100*(Mov(MP(),7,S)-Mov(MP(),65,S))/Mov(MP(),65,S);
Green:=If(A>Ref(A,-1),A,0);
Red:=If(A<Ref(A,-1),A,0);
Signal:=Mov(A,5,S);
Signal;
Green;
Red;
{end}


Range Action Verification Index (RAVI)

 

The interpretation is very simple. When the value of the RAVI is more than 3- 4 % then the stock is trending. Lesser han this value the stock is ranging. Of course there is no hard and fast rule about the percentage level. One can fine-tune it depending on the market or stock. It may vary from stock to stock. You can experiment with these values and also the moving average values. 
Source / From: TOP
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