Watch the divergences too.
from Investopedia:
What Is the Relative Vigor Index?
The Relative Vigor Index (RVI) is a momentum indicator used in technical analysis that measures the strength of a trend by comparing a security's closing price to its trading range while smoothing the results using a simple moving average (SMA).
The RVI's usefulness is based on the observed tendency for prices to close higher than they open during uptrends, and to close lower than they open in downtrends.
KEY TAKEAWAYS
The Relative Vigor Index (RVI) is a technical momentum indicator.
The RVI oscillates across a pre-determined center line rather than a banded trend.
Divergences between the RVI indicator and price suggest there will be a near-term change in the trend.
What Does the Relative Vigor Index (RVI) Tell You?
The RVI indicator is calculated in a similar fashion to the stochastics oscillator but it compares the close relative to the open rather than comparing the close relative to the low. Traders expect the RVI value to rise as the bullish trend gains momentum because, in this positive setting, a security's closing price tends to be at the top of the range while the open is near the low of the range.
The RVI is interpreted in the same way as many other oscillators, such as moving average convergence-divergence (MACD) or the relative strength index (RSI). While oscillators tend to fluctuate between set levels, they may remain at extreme levels over a prolonged period of time so that interpretation must be undertaken in a broad context to be actionable.
The RVI is instead a centered oscillator and not a banded (trend-following) oscillator, which means that it's typically displayed above or below the price chart, moving around a center line rather than the actual price. It's a good idea to use the RVI indicator in conjunction with other forms of technical analysis in order to find the highest probability outcomes.