◊ Introduction This script makes use of three RMI's, to indicate Overbought/Oversold. Adjustments can easily be made, through its settings or script.
◊ Origin The Relative Momentum Index was developed by Roger Altman and was introduced in his article in the February, 1993 issue of Technical Analysis of Stocks & Commodities magazine. While RSI counts up and down days from close to close, the Relative Momentum Index counts up and down days from the close relative to a close x number of days ago. This results in an RSI that is smoother.
◊ Usage You can use this as an indicator for manual trading, or apply AUTOTVIEW to automate your trading. My advice is to combine this with another indicator before you do this. The script is written in an organized and flexible manner to do this.
◊ Features
3 RMI's with seperately adjustable HIGH / LOW levels.
Trend adjustment on the SLOW RMI.
Adjustable Interval between entries / Once per dip-top entry.
Take Profit & Stop loss
◊ Community Wanna share your findings ? or need help resolving a problem ?
Correction in the AUTOMATION > SHORT/LONG section.
Versionshinweise
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◊ Adjustments
Added Ovveride condition for RMI SLOW in case and entry moment with RMI FAST & RMI MEDI is better than any previous moment with 3 RMI's.
This setting is called 'ENTRY_EXTRAS' and large triangles are displayed to visualize these entries. * Because of the current clutter of conditions, their functions will be put in the header in the future, and the Order of sections should be rewritten to allow for the PHASE_SHORT_LV & PHASE_SHORT_LV (largest values) to adapt to SHORT_EXTRA & LONG_EXTRA entries. So that extra entries will only be applied when they are Better placed than any previous in the PHASE. Currently they are applied when they are better than any non-EXTRA entry.
Versionshinweise
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◊ Adjustments
Added capability for larger resolutions.
Slow Trend adjustment for larger resolutions.
This shows, without correction it would perform poorly during large events/trends, Better implementation of trend adjustment is needed.
Use resolution 7 on 10min , 5 on 5min , 1 on 1min.
Use Slow correction 49 on 10min , 33 on 5min , 10 on 1min.
^^^ Looks like a logarythm is needed behind these settings...
To use This with AUTOTVIEW ::
in the top of the script:
Switch from
Strategy()
//study()
To
//Strategy()
study()
Then delete or //
The complete "BACKTESTING" section in the script ,by selecting it an pressing 'ctrl + :' or 'ctrl + /' or 'del'
ideas777
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@MVPMC, Still not sure how to use alerts with autoview
MVPMC
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@ideas777, Beware of using this script, it is experimantal and has several bugs.
I have resolved the malfunctions and implemented several new functions and fixes in the upcoming RMI Triple script that will be posted tomorrow evening.
The fixes ,Functions and way to set it up properly will be explained in the next script.
gosunims
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"Too large lookback 8142" message shown at bitfinex:btcusd 1m resolution at 3/25 6:10 PM... Is there any way to fix this problem?
MVPMC
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@gosunims,
Use resolution :: 7 on 10min , 5 on 5min , 1 on 1min.
Use Slow correction 10's :: 49 on 10min , 33 on 5min , 10 on 1min.
in the top of the script:
Switch from
Strategy()
//study()
To
//Strategy()
study()
Then delete or //
The complete "BACKTESTING" section in the script ,by selecting it an pressing 'ctrl + :' or 'ctrl + /' or 'del'